Federal ReserveChairJerome Powellstated on Tuesday that a prolonged period of restrictive monetary policy may be necessary, refraining from offering explicit guidance on a rate-cutting strategy. Economists interpreted this as a clear indication that the central bank is likely to maintain a "higher for longer" approach.
The Hawkish Schiff: EconomistPeter Schiff, in a post on X (formerly Twitter), challenged Powell's characterization of the current monetary policy as restrictive, asserting that it remains loose. Schiff advocated for rate hikes, expressing concerns that prolonged loose policy would exacerbate inflationary pressures.
"The longer the Fed maintains its current...
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