Fed chair: US economy has 'unusual set of disruptions'
(MENAFN) The Federal Reserve Chair Jerome Powell announced on Friday the American economy has "unusual set of disruptions" when the central bank made a rate increase of 75 basis points of rate hike for three times in a row on Wednesday.
"We continue to deal with an exceptionally unusual economic set of disruptions. As policymakers, we are committed to using our tools to help steer the economy through what has been a uniquely challenging period,” he made the statement during a Fed Listens event which took place in Washington, D.C.
Powell mentioned the current record high inflation and low financial expansion environment as "the new normal" and stated "The insights you share in these events help us home in on the challenges and opportunities that are shaping what we might think of as the new normal of the American economy."
The Fed has lined up dropping inflation over financial expansion, but there still stays the risk of a downturn in the US economy.
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