More Powell: Lessons from Japan is don't get behind the curve and let inflation drop
Senate Banking committee testimony continues
- lessons from Japan is don't get behind the curve and let inflation drop below 2%
- don't want to let inflation dropped well below 2% goal
- important to defend FETs 2% symmetric goal and we will
- legal and illegal immigrants add to the workforce, total immigration has accounted for 50% of workforce growth and added to GDP growth
- SHould not assume Fed can be relied upon to shield economy in the event of failure to lift Debt ceiling
- Essential congress raise debt ceiling in timely way.
- Uncertainty on the part of business is most concerning with regard to trade.
- Uncertainty will weigh on the economic outlook, been hearing it all year long from business contacts.
- Most crypto currencies used for store of value like gold, not transactions
- Not seeing widespread adoption of cryptocurrencies
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