Wednesday, 13 February 2019 02:00 WIB |
FISCAL & MONETARY |
Federal Reserve Chairman Jerome Powell said the U.S. economy is œstrong though its benefits haven™t been felt evenly across the country.
Speaking in Itta Bena, Mississippi, located in Leflore County where unemployment at 7.3 percent in December was almost double the national average, Powell said œwe know that prosperity has not been felt as much in some areas, including many rural places. The central bank can help by delivering on its goals for price stability and full employment, he said.
It was the first visit by a Fed chairman to the nation™s second-poorest state in at least 20 years, and the man introducing Powell said he was the most important visitor to the Mississippi Delta region since Bobby Kennedy in the 1960s.
The Fed signaled last month that it™s done raising interest rates for at least a while and will be flexible in reducing its bond holdings. The sweeping pivot by the Federal Open Market Committee from a bias toward tighter monetary policy at the end of last year helped spark a broad-based upswing in financial markets.
Source : Bloomberg