🚨🇺🇸Here is the full coverage of #JeromePowell Powell's speech, in addition to journalists' questions and his responses to them.📍🇺🇸 The #USGDP Federal Reserve is committed to returning inflation towards its specified target and optimal exploitation of the labor market.📍🇺🇸In light of recent developments, the US Federal Reserve has become more cautious.📍🇺🇸Additional tightening of monetary policy will depend on how economic data develops.📍🇺🇸Recent data indicates that economic activity is growing at a very strong pace.📍🇺🇸Conditions in the labor market are still very strong, although the pace has clearly slowed.​📍🇺🇸Demand for employment still exceeds supply.📍🇺🇸US inflation is still higher than its target.📍🇺🇸Inflation has moderated clearly during the recent period.Some positive data does not mean that we have achieved our goal.📍🇺🇸We still have a lot of time to achieve the inflation target.The US Federal Reserve understands the difficulty of inflation for citizens.📍🇺🇸The US Federal Reserve raised interest rates significantly to control high inflation.📍🇺🇸The US Federal Reserve is committed to a tightening monetary policy in an attempt to control inflation and move towards its specified target.📍🇺🇸 The lack of calm conditions in the labor market may represent a danger to achieving the US Federal Reserve’s inflation target.📍🇺🇸The US Federal Reserve is monitoring local and global developments very carefully.📍🇺🇸The upcoming interest rate decisions will be taken at each meeting separately, and will depend on the upcoming economic data.📍🇺🇸The US Federal Reserve is committed to returning inflation towards its specified target, and this may require that conditions in the labor market weaken slightly.📍🇺🇸 We understand that the decisions of the US Federal Reserve affect all citizens.📍🇺🇸All decisions taken by the Fed are consistent with its commitments to achieving the goals of inflation and optimal exploitation of the labor market.🚨🇺🇸Jerome Powell answers journalists’ questions:📍🇺🇸Inflation has clearly decreased, but it is still above its target.📍🇺🇸Unemployment has risen slightly, but conditions in the labor market are still very strong.📍🇺🇸The US Federal Reserve is not yet sure that it has reached the peak of raising interest.📍🇺🇸 Tight monetary policy should remain for a while.We will take a decision to tighten monetary policy further if this is appropriate to curb high inflation.📍🇺🇸We have a lot of economic data, whether inflation data, labor market data, or economic growth data.📍🇺🇸All of this data affects interest decisions.📍🇺🇸Making a decision to raise interest again may depend on the pace of upcoming data.📍🇺🇸Economic recession is not among our basic scenarios.📍🇺🇸Financial conditions are very restricted at the moment and this can be clearly seen.📍🇺🇸It seems that our monetary policy is starting to affect the economy, but the American economy appears to be stronger and more resilient than we thought.📍🇺🇸We are dealing with the current economic situation as it currently is.📍🇺🇸If members of the US Federal Reserve see that the economic situation requires raising interest again, it will take a decision to do so.📍🇺🇸The current question currently is to what extent the US Federal Reserve can raise the interest rate.📍🇺🇸The next question will be to what extent the US Federal Reserve can maintain high interest rates.📍🇺🇸I think that the thinking might be to raise the interest rate once additionally, not twice.📍🇺🇸 The US Federal Reserve is monitoring geopolitical tensions as they occur in Russia and Ukraine and between Hamas and Israel.📍🇺🇸The best task the US Federal Reserve can do for the United States is to restore the goal of price stability.📍🇺🇸We are trying to restore the inflation target without unemployment rising too high.📍🇺🇸Economic growth is very strong.📍🇺🇸 Most likely, we may need economic growth to slow down and conditions in the labor market to calm down, in order for us to restore the inflation target.📍🇺🇸We are currently working together to achieve the inflation goal.📍🇺🇸We may need some slowdown until the goal of price stability is achieved.📍🇺🇸Economic data is what will tell us what to do and whether we will continue to raise interest or not.📍🇺🇸 Interest expectations for US Federal Reserve members may change based on economic developments.📍🇺🇸 Interest expectations were changed during the quarterly meetings of the US Federal Reserve based on economic developments.📍🇺🇸The US Federal Reserve moves each meeting individually, and this depends on the economic data.📍🇺🇸The US Federal Reserve is moving very cautiously, and monetary policy is tightening at the present time, and we are seeing its repercussions on the American economy currently.📍🇺🇸We monitor many economic conditions and developments.

#JeromePowell , chairman of the Federal Reserve System (Fed), attended a hearing in the Senate from 00:00 on the 8th, Korea time, and said that non-banking operations in the cryptocurrency industry should be regulated the same as banks. "Same regulation for equal businesses is my guiding principle," he added. "The #Fed is committed to regulation tailored to banks."

“I think #Stablecoins and some public #blockchains that are vulnerable to fraud and money laundering are dangerous, but traditional financial products In a similar way, appropriately regulated stablecoins may exist." Prior to this, he said that non-banking businesses in the cryptocurrency industry should be subject to the same level of regulation as banks.

“It is important for the United States to come up with viable regulation for digital assets (cryptocurrency), but the Fed is involved. I am not in a position to do that,” he said. He also said, "In the past year, I have witnessed various incidents in the cryptocurrency market, such as large-scale fraud and the collapse of exchanges and banks. Personally, I think #cryptocurrency is an innovative field.

U.S. #regulations can grow digital assets properly

#JeromePowell , chairman of the Federal Reserve System (Fed), said at a hearing in the House of Representatives from 0:00 on the 9th, Korean time, 'Do you think there is more potential for growth if there are safeguards and regulations for digital assets in the United States?' In response to the query, he replied, "I think it can grow if regulations are prepared and operated in a safe and sound way." He added, “I think the government can play an important role in regulating cryptocurrencies.

Powell, chairman of the #FederalReserve System (Fed), said at a hearing in the House of Representatives from 0:00 on the 9th, Korean time, "There is no new news right away regarding the issuance of CBDC (central bank issued digital currency), but several studies are currently underway. We are also discussing various directions internally.” "Nothing has been decided about CBDC right now. It's still in the experimental stage, even in the very early stages.

There is no problem with dollar-pegged stablecoins right now... Reserve details are unclear.

He said at a hearing in the House of Representatives from 0:00 on the 9th, Korean time, "Currently, some stablecoins are pegged 1-to-1 with the dollar, so there is no problem, but this peg history. I haven’t been able to look into details.” Earlier, he said at a Senate House hearing the day before, "I believe stablecoins and some public blockchains are risky, which are vulnerable to fraud and money laundering, but properly regulated stablecoins may exist.

"Inflation is easing, but remains very high"

Jerome Powell said at a hearing in the House of Representatives from 0:00 on the 9th (Korean time), "Inflation is easing, but remains very high. This is due to the tight labor market. "We also believe that volatile inflation is not very conducive to real wage growth."

"It may be higher than the final rate of 5.5% ... It is not yet decided whether to raise the rate in March"

Jerome Powell responded to a lawmaker's question, "Do we have to go through an economic recession to ease inflation?" I'm looking into it," he replied. He said, "I cannot answer the question 'Can the final interest rate be higher than 5.5%?' However, considering the data so far, there is a possibility that the final interest rate will be higher than 5.5%. No important data to refer to this has been announced yet.