Jerome Powell's Statements on Monetary Policy Path:

- The Federal Reserve must exercise caution before deciding to lower interest rates.

- An unexpected weakening in the labor market would prompt us to take action.

- We are mindful of the risks associated with initiating interest rate cuts either too early or too late.

- Wage increases are trending towards more sustainable levels.

- Despite this, wage growth remains above equilibrium levels, with inflation potentially returning to the Fed’s 2% target by the end of next year or the year after.

- On the impact of political conditions on monetary policy, Powell strongly emphasized the independence of the Federal Reserve.

- The U.S. government deficit is very large and unsustainable, necessitating prompt action to address it.

- A 4% unemployment rate, though low, would be a favorable stabilization point.

- Inflation should be at or below 2% within a year.

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