🤓Federal Reserve Chairman J. Powell: “Cryptocurrency appears to be resilient as an asset class!”
Other points from the speech:
🔥Stablecoins are a form of money!
▫️The Fed should oversee stable coins.
▫️Allowing the creation of “a lot of private money” is a big mistake!
▫️We are still far from our 2% inflation target.
▫️The collapse of SVB Bank is poor asset management.
▫️We expect a gradual cooling of the labor market.
▫️The ratio of vacancies to unemployed will decrease - this is a way to cool the labor market without causing high unemployment.
▫️There are many uncertainties regarding the impact of tightening the monetary policy on the US economy.
▫️The Fed's balance sheet should be lower than it is now.
▫️The status of the dollar as a global reserve currency is very important
▫️It is difficult to say what level of interest rates will allow the Fed to achieve its goals.
▫️If we had #CBDC, then banks would be intermediaries!
▫️The Fed will not issue CBDC for personal use.
