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Fed's Powell expects political pushback from rate hikes, rejects climate mandate

Wednesday, January 11, 2023
Fed's Powell expects political pushback from rate hikes, rejects climate mandate © Reuters

By Geoffrey Smith

Investing.com -- The Federal Reserve is bracing for political resistance as its attempts to bring down inflation hit growth and bolster the ranks of jobless.

"Restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy," Fed Chair Jerome Powell said in prepared opening remarks at a panel discussion in Sweden, where he was attending a conference on central bank independence. The remarks were published in advance on the Fed's website.

However, Powell said that "the benefits of independent monetary policy in the U.S. context are well understood and broadly accepted," and said he was confident of the Fed's ability to take "necessary measures."

Powell made no direct reference in his opening remarks to the level of U.S. interest rates. Speculation has grown since the release of the December Labor Market Report that the Fed could slow the pace of its interest rate hikes again at its next meeting. San Francisco Fed President Mary Daly told an event on Monday that a hike of only 25 basis points could be justified if the economic data continue to be cooperative. The jobs report last Friday showed a slowdown in both employment growth and wage growth.

However, Powell distanced himself from other - mainly European - speakers at the conference in rejecting the inclusion of climate change considerations in its monetary policy.

"Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals," Powell said, repeating the Fed's traditional position. "We are not, and will not be, a climate policymaker,"

Fed Chair Jerome Powell said in prepared opening remarks at a panel discussion in Sweden, where he was attending a conference on central bank independence. The remarks were published in advance on the Fed's website.

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23-03-2023 20:21:49 (UTC+7)

EUR/USD

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EUR/USD

1.0885

+0.0030 (+0.28%)

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Moving Avg:

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1.2297

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131.26

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0.6701

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 EUR/USD1.0885↑ Buy
 GBP/USD1.2297↑ Buy
 USD/JPY131.26↑ Sell
 AUD/USD0.6701Buy
 USD/CAD1.3673Sell
 EUR/JPY142.88↑ Sell
 EUR/CHF0.9967↑ Sell
 Gold1,979.35↑ Buy
 Silver23.075↑ Buy
 Copper4.0655Buy
 Crude Oil WTI70.92↑ Buy
 Brent Oil76.68↑ Buy
 Natural Gas2.173Buy
 US Coffee C175.40↑ Sell
 Euro Stoxx 504,190.75↑ Buy
 S&P 5003,936.97↑ Sell
 DAX15,178.55↑ Buy
 FTSE 1007,512.90↑ Buy
 Hang Seng20,049.64↑ Buy
 Small Cap 20001,727.36↑ Sell
 IBEX 358,985.31↑ Buy
 BASF46.447↑ Buy
 Bayer56.03↑ Sell
 Allianz207.33↑ Buy
 Adidas140.54↑ Buy
 Lufthansa9.867↑ Buy
 Siemens AG143.79↑ Buy
 Deutsche Bank AG9.530↑ Sell
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Cập nhật 23-03-2023 20:21:51
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JPY174,87185,12
KRW15,8919,36
Cập nhật lúc 18:50:17 23/03/2023
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