Powell asserted Tuesday that the central bank will not develop its own digital currency as long as he is in charge.
Fed Chair Jerome Powell asserted Tuesday that the central bank will not develop its own digital currency as long as he is in charge, ending several years of speculation. Over the years, multiple officials have raised concerns, with most saying there was no obvious need for a CBDC and citing concerns over privacy and other issues.
Federal Reserve Chair Jerome Powell asserted Tuesday that the central bank will not develop its own digital currency as long as he is in charge.Ending several years of speculation whether the Fed would join some of its global counterparts, including China, in developing a formal cryptocurrency like bitcoin or its many peers, Powell said during a Senate hearing that the project would not go forward. "Can I have your commitment that as long as you're the chairman of the Federal Reserve system that we will never have a central bank digital currency?" Sen. Bernie Moreno asked Powell during the chair's "Thank you for that, I think that's extremely important," Moreno said."It makes me very happy to hear you say that."an extensive study in 2022 Over the years, multiple officials have raised concerns, with most saying there was no obvious need for a CBDC and citing concerns over privacy and other issues. Powell also has stressed that creating a CBDC would have required a legislative act from Congress, something less likely with a Republican majority controlling both chambers in Washington, D.C.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed Meeting Preview: Rate Hold Expected, Powell's Words in FocusThe Federal Reserve is expected to maintain its current interest rate policy at the January meeting. While a rate change is unlikely, Fed Chairman Powell's press conference will be closely watched for clues about the future path of monetary policy. USD could weaken if the Fed hints at a potential rate cut in March.
Read more »
Fed Meeting: Traders Anticipate Status Quo, Powell Takes Center StageTraders anticipate the Federal Reserve to maintain interest rates at the 4.25%-4.50% range, with no significant policy changes expected. Chairman Jerome Powell's press conference will be closely watched for insights into the Fed's near-term outlook. The absence of a Summary of Economic Projections (SEP) suggests a focus on data dependency and a patient approach to interest rate adjustments.
Read more »
Fed Seen Keeping Rates Steady, Powell's Speech to Be KeyTraders are overwhelmingly predicting the Federal Reserve will hold interest rates steady at their January meeting. Investors will closely watch Fed Chair Jerome Powell's press conference for clues on future rate policy.
Read more »
Powell Ignores Trump's Rate Cut Demand, Fed Keeps Rates SteadyFederal Reserve Chair Jerome Powell asserted the central bank's independence, refusing to respond to President Donald Trump's call for immediate interest rate reductions. The Fed maintained its benchmark interest rate, after Trump urged for cuts during a Davos forum appearance. Powell emphasized the Fed's focus on using its tools to achieve its goals, ensuring the public's confidence in their continued work.
Read more »
Fed Holds Rates Steady, Powell Reiterates Data-Dependent StanceThe Federal Reserve (Fed) kept interest rates unchanged as widely anticipated by markets. Fed Chair Jerome Powell emphasized the Fed's data-driven approach to future rate adjustments. EUR/USD experienced increased volatility but limited daily price movement.
Read more »
Trump accuses Fed, Powell of creating inflation on heels of rate decisionTrump, who appointed Jerome Powell as Fed chair, has called for lower interest rates and said the president should get a say on the Fed's rate decisions.
Read more »