Federal Reserve Chair Jerome Powell gives his thoughts on inflation risks, the economy, the timeline for cutting rates, the health of the country’s banks and more. Scott Pelley reports.
#news #economy #federalreserve
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Fed Chair Jerome Powell: The 2024 60 Minutes Interview
In a highly anticipated interview on 60 Minutes, Federal Reserve Chair Jerome Powell sat down to discuss the state of the economy, monetary policy, and the challenges that lie ahead. Powell, who has been at the helm of the Federal Reserve since 2018, has faced unprecedented challenges during his tenure, including the COVID-19 pandemic and its impact on the global economy.
During the interview, Powell highlighted the progress that has been made in the economic recovery, but also emphasized the need for continued support to ensure a more equitable and robust rebound. He noted that while the economy has made significant strides, there are still millions of Americans who are struggling to make ends meet, and it is essential to provide them with the necessary assistance.
Powell also touched on the topic of inflation, which has been a hotly debated issue in recent months. He acknowledged that there has been a surge in prices, particularly in areas such as housing and energy, but emphasized that the Fed is closely monitoring the situation and is prepared to take action if necessary. He reassured the public that the Fed is committed to maintaining stable prices and believes that the current inflationary pressures are transitory.
One of the key takeaways from the interview was Powell’s recognition of the importance of addressing climate change and its impact on the economy. He stressed that climate-related risks pose a significant threat to financial stability and emphasized the need for proactive measures to mitigate these risks. Powell also highlighted the Fed’s efforts to incorporate climate-related considerations into its supervisory and regulatory framework, signaling a shifting focus towards sustainable and environmentally friendly policies.
In addition to discussing economic and monetary policy, Powell also addressed the issue of digital currencies and the potential impact on the financial system. He acknowledged the growing interest in digital currencies and emphasized the need for careful consideration of the potential risks and benefits. Powell emphasized that the Fed is actively exploring the possibility of a central bank digital currency and is closely monitoring developments in this space.
Overall, the 60 Minutes interview provided valuable insights into Powell’s priorities and the challenges facing the Federal Reserve. His thoughtful and measured approach to these complex issues was evident throughout the interview, underscoring his commitment to navigating the economy through uncertain times. As the economy continues to evolve, Powell’s leadership and expertise will be crucial in shaping the future trajectory of monetary policy and ensuring a sustainable and inclusive recovery.
What happened to the rest of the 47 mins? Inflation is real. Lol
J.Powell is suppressing bond yields. Inflation is not going down it's still rising. 1971 Nixon Shock. The whole Planet is Living under economic tyranny.
BITCOIN is the way.
There is an unspoken message here, buy bitcoin 🙂
Excellent work sir
How come prices haven't fallen? Portion sizes got smaller.
Powells incredible at his job, he just deals with too many idiots more powerful than him
He needs to visit the main streets of America.
Think after you do the math for a certain stock. You have the bank form then you go from their lie of 3 percent then 14 percent. You see another number which is you if you have a certain amount of money if you pay attention to own finances while the bank moving stock but you have to really know a seasoned banker. The 14 percent is the hurting number. Banks are sponsored and the new owners only see the 3 percent based on their portfolio. Go Sam Houston.
You can't do five and a half. The book of tax says 14 percent. Go Sam Houston.
Bitcoin is gold
This interview is a joke. They say SVB was a lack of regulation. It is the exact opposite. The Fed caused the collapse. This is unbelievable that not one reporter will question them about this fact: the collapse of the banking system in 2023 was supremely caused by the Fed and control of interest rates. The rates should have never been low enough to cause the collapse in value of the bank balance sheets: how about you tell the truth and be honest. Integrity is all you have!
Good afternoon
I’m raising my rates at my business yet again due to the valueless dollar and increased taxes.
Powell, you get paid to make tough decisions. Inflation is far from being controlled, and in fact we need about 50% DEFLATION to get back to the 2% trend line, going back to where Obama took office. Don't wimp out on your responsibility. Your interest rates are not high enough yet.
Volcker had to raise rates and keep them at 15% a long time to stamp out the high inflation brought to us by Carter's policies in the late '70's.
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfolio.
Health, wellness, gratitude to these sensible adults.
TIL 60 Minutes still exists.
Powell’s a composed and impressive civic leader. Great mind.
who get profit with interest encrese? such a profit.
10:43 some future generations will need to take on the burden of course correction. It’s gunna be ugly…and global
This whole interview is a scam & waste of time. Inflation is reducing meanwhile everything from food to gas keep going up. & each time Americans make some $ they send our $ overseas