Powell underlined the urgency for the US to tackle debt sustainability, while also emphasizing that it’s not the Fed’s place to dictate to Congress. The debate over establishing a fiscal commission to examine spending is ongoing.
The spotlight on the national debt has intensified as the Fed’s efforts to combat inflation have raised government interest payments. Although the US is currently able to manage its over $27 trillion in publicly held debt, the growing expenditure on entitlements and interest may lead to mounting pressure on Washington to address annual deficits sooner rather than later.
Powell noted a shift in attitude among elected officials who have the power to take action on the issue. He also reiterated the likelihood of the Fed reducing borrowing costs this year, but suggested that it is unlikely to happen at the next meeting in March. He emphasized the need for continued low inflation data, with the expectation that this trend will persist in the coming months.
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