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Video: Fed Won’t Raise Interest Rates Anytime Soon, Says Powell

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Fed Won’t Raise Interest Rates Anytime Soon, Says Powell

Jerome H. Powell, Chairman of the Federal Reserve, said the US economy was far from recovery and the central bank would not raise interest rates anytime soon.

The economy is far from our targets and, as I have mentioned a few times, we are strongly committed to adopting a framework for using our monetary policy tools until the job is well and truly done. When the time comes to raise interest rates, we will certainly do so during that time. By the way, it’s not the time anytime soon. Remember we are a long way from maximum employment. There is a lot of slack in the job market. Wage pressures are unlikely to rise to a level that would create – sustain higher inflation. Second, the other factor that I would like to point out is looking around the world, the shortage of demand in many large, advanced economy countries around the world with – which started this crisis at deeply negative interest rates and who had little leeway with interest. rates. Now, there are other things they can do, and they are doing, but this is all going to last a while. And the US economy is highly integrated with the rest of the world. And it’s going to matter. Surveys now show that market participants expect us not to raise rates until inflation hits 2 percent, and the labor market is strong. And that is also in line with our rate forecast. I am optimistic about the economy for the next two years. I really have, and we have to get through this very difficult time this winter with the spread of Covid. But as vaccines come out and we get Covid under control, there are plenty of reasons to be optimistic about the U.S. economy.

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Video: Watch Live: Q. and A. with Jerome Powell

TimesVideoWatch Live: Q. and A. With Jerome Powell, Federal Reserve Chairman Jerome H. Powell attends a virtual event hosted by the Princeton University Bendheim Center for Finance. By Reuters.

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Colin Powell says he “can no longer call himself a Republican.”

Former Secretary of State Colin Powell said on Sunday, days after supporters of President Trump stormed the United States Capitol, that he no longer considered himself a member of the president’s party.

In an interview on CNN, host Fareed Zakaria asked Mr. Powell if members of the Republican Party “realize that in a way they’ve been causing, at least encouraging this madness to grow and to grow up, ”referring to Mr. Trump’s chaotic governance that culminated in last week’s violence.

Mr Powell, 83 and a longtime Republican Party member, replied, “They did, and that’s why I can no longer call myself a fellow Republican.”

Mr. Powell, a retired four-star general who served in President George W. Bush’s White House and twice endorsed Barack Obama’s successful presidential offers, said he was not looking at recent events through the prism of partisan politics.

“You know I’m not a comrade right now,” Mr. Powell said. “I’m just a citizen who voted Republican, voted Democrat, throughout my career, and right now I’m just watching my country and not worrying about parties.

He added that Republican officials “should have known better” than to support Mr. Trump, but “they were so taken with their political position” and “none of them wanted to put themselves in political danger” by denouncing him.

“We need people who will speak the truth,” added Powell.

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Colin Powell says he “can no longer call himself a Republican.”

Former Secretary of State Colin Powell said on Sunday, days after supporters of President Trump stormed the United States Capitol, that he no longer considered himself a member of the president’s party.

In an interview on CNN, host Fareed Zakaria asked Mr. Powell if members of the Republican Party “realize that in a way they’ve been causing, at least encouraging this madness to grow and to grow up, ”referring to Mr. Trump’s chaotic governance that culminated in last week’s violence.

Mr Powell, 83 and a longtime Republican Party member, replied, “They did, and that’s why I can no longer call myself a fellow Republican.”

Mr. Powell, a retired four-star general who served in President George W. Bush’s White House and twice endorsed Barack Obama’s successful presidential offers, said he was not looking at recent events through the prism of partisan politics.

“You know I’m not a comrade right now,” Mr. Powell said. “I’m just a citizen who voted Republican, voted Democrat, throughout my career, and right now I’m just watching my country and not worrying about parties.

He added that Republican officials “should have known better” than to support Mr. Trump, but “they were so taken with their political position” and “none of them wanted to put themselves in political danger” by denouncing him.

“We need people who will speak the truth,” added Powell.

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Dominion asks Sidney Powell to withdraw his “baseless and false allegations” about the voting machines.

Dominion Voting Systems sent a scathing letter to right-wing lawyer Sidney Powell on Wednesday evening, asking him to publicly withdraw his “savage, knowingly baseless and false accusations” about the company’s voting machines, which have been widely held. occasions found at the heart of a plot. theories surrounding the election.

The letter, a preparatory step for formal legal action, accused Ms Powell of engaging in ‘reckless disinformation’ about Dominion machines at press conferences, rallies in support of President Trump, and on conservative media. like Fox News, Newsmax and the Rush Limbaugh radio show. .

Ms Powell also filed unsuccessful federal lawsuits seeking to overturn elections in four key states, filing claims that were “based on lies,” the letter says, and which “endangered Dominion’s business and the lives of his employees”.

Following Ms Powell’s allegations, Dominion has come under fire from the President and his supporters, who argued without evidence that the company’s machines transferred Mr Trump’s votes to President-elect Joseph R. Biden Jr. on Monday Dominion chief executive John Poulos told Michigan lawmakers investigating the election the company had been the victim of a “dangerous and reckless campaign of disinformation designed to sow doubt and confusion.”

In her letter, Dominion demanded that Ms Powell publicly disown several false allegations she has repeated in recent weeks. She argued, for example, that the Dominion machines and their software were created in Venezuela to help the now-deceased former president of the country, Hugo Chavez, win the election. But Dominion insists he has no connection with Venezuela, with Mr. Chavez or elsewhere, as the letter indicates, with “Big Foot or the Loch Ness Monster”.

Dominion also demanded that Ms Powell withdraw false statements she made suggesting that the company paid bribes to officials in Georgia for “non-tender contracts” to use its machines and that ‘she manipulated the votes in “an effort to rig the 2020 election”.

Dominion noted that Ms Powell had never mentioned her charges in any of her court documents, denying the company the opportunity to legally rebut them. “While you are entitled to your own opinions, Ms Powell,” the company wrote, “you are not entitled to your own facts.”

Ms Powell did not immediately respond to requests for comment on Dominion’s letter.

Shortly after the election, the president embraced Ms Powell, a former federal prosecutor who had represented her former national security adviser Michael T. Flynn in a criminal case arising from the Russia inquiry. But after appearing with Rudolph W. Giuliani, who led Mr. Trump’s post-election legal campaign, at a bizarre press conference where she threw up unproven plots on Dominion, Mr. Trump distanced himself from him. she and she was left to sue by herself.

All lawsuits were dismissed by federal judges. One said that Ms Powell’s claims were based only on “nothing but speculation and conjecture”, another that the “expert reports” she submitted had resulted in ” implausible conclusions ”. In one case in Michigan, lawyers in the city of Detroit have given her papers which are the first step in asking a judge to formally sanction her.

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Video: Watch Live: Powell Holds Press Conference

TimesVideoWatch Live: Powell Holds Press Conference Federal Reserve Chairman Jerome H. Powell will hold a press conference following the end of the central bank’s last meeting of the year, per Reuters.

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Video: Mnuchin and Powell call for extra stimulation

TimesVideoMnuchin and Powell call for additional stimulus Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell both recommended that lawmakers spend additional stimulus spending to support the economy during the then winter as coronavirus cases increase.

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Video: Watch Live: Powell and Mnuchin Testify Before House Committee

TimesVideoWatch Live: Powell and Mnuchin Testify Before House Committee Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin testify on the CARES Act Quarterly Report to Congress before the Financial Services Committee of bedroom.

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Video: Mnuchin and Powell clash over economic outlook

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Mnuchin and Powell clash over economic outlook

Secretary of the Treasury Steven T. Mnuchin and Jerome H. Powell, Chairman of the Fed, offered senators radically different assessments of the state of the US economy and the challenges ahead.

“The unemployment rate has fallen to 6.9%, a rate not expected to be reached until the fourth quarter of 2021. The landmark bipartisan CARES law has provided essential economic relief to support our robust economy. However, further economic shutdowns continue to hamper this remarkable progress and seriously harm American businesses and workers. Based on recent economic data, I continue to believe that a targeted budget package is the most appropriate federal response. I strongly encourage Congress to use the $ 455 billion in unused CARES law funds to pass additional bill with bipartisan support. “As we have stressed throughout the pandemic, the outlook for the economy is extremely uncertain and will largely depend on the success of efforts to bring the virus under control. The increase in new cases of Covid-19, here and abroad, is worrying and could prove difficult in the coming months. A full economic recovery is unlikely until people are convinced that it is safe to re-engage in a wide range of activities. The latest news on the vaccine front is very positive in the medium term. The Fed’s response was guided by our mandate to promote maximum employment and stable prices for the American people, as well as our responsibilities to promote the stability of the financial system. We have taken broad and decisive action to support the flow of credit into the economy more directly. Our actions, taken together, have unlocked nearly $ 2 trillion in funding to support businesses large and small, nonprofits, and state and local governments since April. “

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Video: Watch Live: Powell and Mnuchin Testify Before Senate Banking Committee

TimesVideoWatch Live: Powell and Mnuchin Testify Before Senate Banking Committee Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin testify on the CARES Act quarterly report before the Senate Banking Committee.