Federal Reserve Chairman Jerome Powell provided an optimistic overview of the US economy during a discussion at the Foreign Bankers' Association's Annual General Meeting in Amsterdam.
According to Powell, consumer spending and business investment have maintained their strength, despite ongoing labor shortages across various industries. He emphasized that, overall, the US economic data paints a positive picture. Inflation, however, was a point of concern for Powell in the first quarter, as it showed no significant signs of progress."We did not expect a smooth road on inflation, we have to be patient and let policy do its work."
Despite the challenges with inflation, the Fed Chair projected continued GDP growth of 2% or better and expects the labor market to remain strong while rebalancing.The FED has never managed a soft landing from a rate hiking cycle - always crashed the economy - always!!!f He's talking up a soft landing yet again - I wonder why so many Wall Street insiders have sold billions of USD in stock over the past four months - more than ever.
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