By 1600 Staff
The Federal Reserve may be looking to raise interest rates soon on the heels on so amazing economic growth indicators.
According to CNBC:
The U.S. economy is running at a fast enough pace to justify continued interest rate increases, Federal Reserve Chairman Jerome Powell said Tuesday. Powell is delivering his semiannual testimony to Congress this week, starting with an appearance Tuesday before the Senate Committee on Banking, Housing and Urban Affairs.
In remarks he provided ahead of a question-and-answer session, Powell painted a largely positive picture of the economy, which he said is expanding at an increasing pace and is being boosted by aggressive fiscal policy on Capitol Hill. “Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate,” Powell said.
“The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them,” he added. Powell spoke as the central bank is in the process of gradually raising interest rates. The policymaking Federal Open Market Committee has hiked the Fed’s benchmark rate twice this year in quarter-point increments, and is expected to approve two more increases before the end of the year.
The economy is growing faster than the Federal Reserve anticipated. This is positive news for the deficit, the debt, and for jobseekers who have weathered a decade of weak economic growth. The good news is a welcome relief form the daily drumbeat of bad news, and shows that President Trump’s economic policies are working to make America great again.
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