Minutes ago, Federal Reserve Chairman Powell assured critics that the U.S. economy is heading in the right direction.
During the central bank forum in Portugal, organized by the ECB and the central bank of Portugal, Powell emphasized that the economic condition of the United States is stable, as well as the labor market.
He compared the current labor market to that of a few years ago, when there was a serious labor shortage, and the progressive change since then.
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The Fed chairman said that precisely because of this progress and gradual economic stabilization, they can afford to take more time to approach the coveted 2% inflation target.
When asked if a decrease in interest rates is expected in September, he laughed and said that he cannot commit to a specific date, but shared that it is still early and there is a risk of everything achieved up to this point failing with the first wrong move.
