🔥 SUMMARY OF THE PRESIDENT'S SPEECH #FED #POWELL (July 9, 2024)
👉 Economic data in the first 3 months of 2024 is not enough to believe that inflation is decreasing and interest rates can be reduced.
👉 The Fed will not reduce interest rates until it is certain that inflation will decrease to the desired 2% level.
👉 Regarding the timing of interest rate reduction, if the Fed reduces interest rates too late, it can cause negative impacts on the economy. The reason is because prolonged high interest rates can slow economic growth and increase unemployment.
👉 Regarding the current economic situation, the US economy is developing stably. This means that economic activities such as production, consumption and investment are going well, with no signs of recession.
👉 The job market has become less tense, meaning the labor shortage has eased. However, the labor market is still considered strong, with a low unemployment rate and many job opportunities.
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