American Federal Reserve President Jerome Powell offered some change in attitude from his recent remarks and reiterated that the economy is in a good place, giving the central bank the space to be patient before he is considering facilitating monetary policy.
“For the time being, we are well positioned to wait to learn more about the probable economy before considering any adjustments to our political attitude,” Powell said in prepared comments on his semi -annual monetary policy report to Congress.
Today’s testimony is of a special note considering lectures this week from Fed Governors Chris Waller and Michelle Bowman. Both said they would be supported a betting on Fed’s next meeting. So far, Powell has not given any indication that he is considering such a movement.
The break with Powell – in itself, not necessarily big news – comes as President Trump continues to make it clear that his dissatisfaction with the Fed Chairman’s reluctance to facilitate monetary policy.
Interest sections of July remain pretty slim at only 18.6%, according to CME FedWatch. Moving to September, Oddsen jumps for one or more efforts to more than 80%.
Powell was asked more than once about issues affecting the crypto industry, although it was not a significant question of questioning on Tuesday.
When asked about the changing crypto interests in the US bank, he said he sees “a very significant change in tone” that suggests a future increase in the activity digital assets based on “developing thinking and the evolving status of the crypto industry.” While his agency had been accused by the industry of encouraging banks to avoid crypto because of the industry’s risk, he said Fed’s view “is that banks have to decide who their customers are.”
“Banks are also free to perform crypto activities as long as they do it in a way that protects security and health,” he told the legislators.
Powell also expressed support for progress with crypto legislation in Congress.
“I think it’s a good thing that Bills is moving,” he said. “We need it. We need a stableecoin frame.”
Update (June 24, 2025, 17:13 UTC): Adds Powell Comments to Crypto problems.
