The US economy is still far from full employment

Federal Reserve Chairman Jerome Powell said the US economy is still far from reaching its maximum employment potential.

In his testimony before the US Senate Banking Committee, Powell said: “What I said last week is that we are getting close to what is needed to begin to gradually reduce asset purchases, that in my opinion we are still far from passing the maximum employment test.”

Federal Reserve officials announced at a meeting last week that the bank will continue to purchase $120 billion in bonds per month, until further progress is made toward the employment and inflation target.

On the other hand, Powell stated that it would be ideal for a central bank digital currency to be the product of broad consensus and legislation in Congress.

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