Testimony of the US Federal Reserve Chairman.. and details of the tightening By Investing.com

© Reuters.

Investing.com – Today, when Jerome Powell, Chairman of the US Federal Reserve, speaks in which he is expected to talk about his re-nomination as Fed Chairman, as well as about and in 2022.

Watch Jerome Powell’s testimony:

Preset Certificate Details:

US Federal Reserve Chairman Jerome Powell said:

  • I thank President Biden for re-nominating me as Fed President.

  • We will use all our tools to control inflation and make prices affordable for everyone.

  • We know that our decisions affect everyone, and we work to make them serve the general interest of all.

  • We faced many challenges, including those related to climate change and cyber attacks, and we had to deal with them.

  • We have provided strong liquidity and capital to the banks in order to help the US economy in the period affected by the Corona virus.

  • The main reason for the rise in inflation is related to the Corona pandemic and its resulting economic effects.

  • We will use our tools to control inflation, even if that will lead us to raise rates more than expected.

  • There is a disparity between the levels of supply and demand now.

  • If we have to raise interest more times than expected, we will.

  • We are still in an era when interest rates are very low.

  • We are watching closely.

  • This year, fiscal policy will turn more towards normal.

  • The economy no longer needs quantitative easing now.

  • The journey to return to the economic conditions of the previous normal state of the Corona pandemic, is long.

  • Supply chains haven’t improved much yet.

  • This year, the federal budget may be reduced.

  • The real danger to the whole is high inflation rates.

  • We have a labor supply crisis.

  • Report is now ready.

  • The pressures are expected to continue until the middle of this year.

  • Jobs now pay more and this is expected to continue.

  • At the moment we need to pay more attention to inflation than to reach full employment.

  • We haven’t made any decision yet on cutting the Fed’s general budget, and we’ll talk about that at the January meeting.

  • In fact, the Fed’s budget is much higher than it should have.

  • A decision like budget cuts needs us to discuss in two or more meetings before making a decision.

Statements from Fed members:

Several statements came out from the Fed today, all of which were characterized by a hawkish tone, including those of Rafael Bostik, who said he agreed and agreed with expectations that the first rate hike would be in March.

Then came the statements that said that it is clear to her that inflation has risen strongly and the labor market is strong, and the US Federal Reserve has to take its decision in order to improve the situation.

Easter, a Fed member, said it was time for fiscal policy and the Fed should cut its budget as soon as possible.

We can’t ignore the unreasonably large Fed budget, said George.

Prices now

It is now trading at 1808.94, up 0.4%.

The American is trading at 95.89 against a basket of foreign currencies, down by 0.1%.

Oil rises by 1.73% and is trading at $79.61 a barrel, and oil continues to rise during Powell’s speech until it reached $80.75 a barrel, an increase of 3.3%.

Returns for 10 years are recorded at 1.771%, down by 0.51%, but it improved with the continuation of Powell’s speech and turned positive and is now trading at 1.780% after paring its losses.

It rises 1.55% to trade at $41,632.5 for the symbol.

It is down 0.5%, the 500 Index is down 0.6% and the Industrial Index is down 0.7%.

Explanation of the risks: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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