Jerome Powell Warns: Downside Risks to Economy Not Just Inflation

IconCryptoNewsTerminal Staff09 Jul, 2024

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Jerome Powell Warns: Downside Risks to Economy Not Just Inflation

Jerome Powell, the Chair of the US Federal Reserve, warned that the committee is not solely focused on inflation risks but also downside risks to the economy. "We're also very much attuned to downside risks to the economy," Powell stated. He emphasized the potential negative consequences of excessive tightening, such as slow economic growth and unnecessarily high unemployment. Powell's remarks briefly boosted Bitcoin's price, but it later retreated. Despite the recent dip, Bitcoin remains up 1.34% and is currently trading at $57,107.99.