Chairman of the Federal Reserve Board: it is appropriate to continue raising interest rates. The collapse of the encryption market has not affected the macro economy

Sina Finance blockchain2022-06-23 18:11:33

The original title : Chairman of the Federal Reserve : It is appropriate to keep raising interest rates 、 The collapse of the encryption market has not affected the macro economy

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Federal Reserve Committee (Fed) Chairman Bauer (Jerome Powell) Yesterday, (22) The speech at the hearing attracted the attention of the market , He made it clear at the meeting that Fed The determination to raise interest rates enough to slow inflation , And think about the future ‘ Continued interest rate hikes would be appropriate ’, Commitment to return inflation to 2% The level of . However , He also said in his testimony that the soft landing was very challenging , And admit that there is a certain possibility of economic recession . But reiterate that the US economy is very strong , It can cope well with the monetary tightening policy .

Federal Association of America (Fed) Chairman Bauer (Jerome Powell) Yesterday, (22) Attend the hearing held by the Senate Finance Committee in the evening , Give testimony on the semi annual monetary policy report .《 Bloomberg 》 The report , Bauer made it clear at the meeting that Fed The determination to raise interest rates enough to see inflation cool significantly , In his opening remarks, he said : Federal Reserve officials expect ‘ Continued interest rate hikes would be appropriate ’, To relieve 40 The hottest price pressure in recent years .

In the past year , Inflation has clearly risen unexpectedly , And there may be more accidents . therefore , We need to be flexible to deal with upcoming data and changing prospects .

The pace of interest rate hikes in the future will depend on whether inflation ( And how fast ) Start to fall , Our mission cannot fail , The inflation rate must be restored to 2% The level of . If it proves necessary , It does not rule out any possibility of raising interest rates .( contain 100 BP)

Federal Reserve Committee (Fed) On 16 Announced an interest rate hike on the th 3 code , The benchmark interest rate rose to 1.5% ~ 1.75%, Created from 1994 The largest increase in years , After the meeting, he said that the next meeting is most likely to increase 50 or 75 BPS . But at Wednesday's hearing , The scale of future interest rate hikes is not directly mentioned .

Soft landing is very challenging , There is a certain possibility of economic recession

Bauer's promise raised strong concerns that the move could plunge the economy into recession . At the meeting yesterday , He reiterated his view , namely ‘ The US economy is very strong , It can cope well with the monetary tightening policy .’

He explained ,‘Fed Not trying to provoke , Nor do we think we need to start a recession .’. Although he believes that the current economic recession is not particularly likely , But admit ‘ There must be such a possibility ’, And pointed out that the recent events made it more difficult for the Federal Reserve to reduce inflation while maintaining a strong labor market .

‘ soft landing ’ That's our goal , This will be very challenging . The events of the past few months have made this even more challenging , Think about war and commodity prices and further problems in the supply chain .

According to the 《 Reuters 》 news , The great dove sect of the Federal Reserve , Evans, President of the Chicago Federal Reserve Bank (Charles Evans) On the same day, he said , He and Fed The core view of , That is, continue to raise interest rates rapidly to combat high inflation , And point out that ‘ The downside ’ Many risks .

If the economic environment changes , We must be vigilant and ready to adjust our policy stance , He said , Repair in the supply chain may be slower than expected , Or the Russo Uzbek war and China's COVID The blockade may put more pressure on prices .
I expect it necessary to raise interest rates further in the coming months , So that inflation returns to 2% Average inflation target . Most members of the interest rate setting Committee of the Federal Reserve believe that the interest rate needs to rise to at least before the end of the year 3.25% -3.5% The range of , Next year it will rise to 3.8 %, This view is broadly consistent with mine .

He hinted to reporters after the meeting , Unless inflation data improve , Otherwise, he may support in 7 The interest rate was raised sharply again in October 3 code , And said the first task of the Federal Reserve Committee is ‘ relieve ’ Price pressure .

in addition , In view of the sharp fluctuations in the overall cryptocurrency market in recent days , Bauer told Congress , Federal Reserve officials are paying close attention to the encryption market , At the same time, he added , So far, the Federal Reserve has not really seen any significant macroeconomic impact , However, it is emphasized that the cryptocurrency field needs better regulatory regulations .

But I think this is a very innovative new field , A better regulatory framework is really needed .
The same activity no matter where it occurs , There should be the same regulation , But this is not the case now , Because many digital financial products are very similar to those existing in the banking system in some aspects , Or the capital market , But they are regulated in different ways . So we need to do this .

Bauer pointed out to congressional officials , Vague regulation is one of the biggest challenges facing the cryptocurrency industry . The sec (SEC) Will have jurisdiction over the securities , The Commodity Futures Trading Commission (SEC) Have relevant jurisdiction over the goods ,‘ Who really has the power ? This is something Congress needs to clarify ’, And how to deal with the encrypted assets on the balance sheet of the banks regulated by the Federal Reserve , The Federal Reserve should have a say . For the recently heated issue of stable currency regulation , Bauer made an analogy between the stable currency and the money market fund , He believes that there is still no appropriate regulatory plan for the stable currency . But he also praised the wisdom of many congressmen's initiatives to put forward a new framework to regulate stable currencies and digital assets .

Besides , According to the 《Coindesk》,SEC Recently, in the accounting instructions for listed companies , It is recommended that the custodian company holding the client's digital assets , These assets need to be treated as belonging to the company's own balance sheet . Bauer also disclosed at the meeting yesterday that the Federal Reserve is evaluating SEC Position on digital asset custody .

editor : Zhang Jingdi


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2022-06-23