The focus on Wednesday’s FOMC and Powell’s following new conference was of course Federal Reserve monetary policy.
As a bit of a sideline Chair Powell also spoke on China’s digital yuan, saying that China’s approach would not work in the United States. Via Reuters reporting:
- Powell emphasized the Fed’s primary goal is not speed to market but rather avoiding any calamitous misstep in executing digitalization of the dollar
- “It is far more important to get it right than it is to do it fast”
- “The currency that is being used in China is not one that would work here. It’s one that really allows the government to see every payment for which it is used in real time.”
More at that Reuters link above.