According to foreign media reports, US Federal Reserve Chairman Ball warned on the 23rd that the US economy is entering a new normal of low growth and high inflation. "We continue to deal with a series of abnormal disturbances; as policy makers, we are committed to using our tools to assist the economy through unique challenging times," he said.
Powell did not discuss the prospects of interest rate hikes when attending the Fed listening event in Washington, or made more specific statements about the economic outlook, and his "new normal" is not a new perspective. Earlier this month, he said that in order to fight inflation, the US economy must be prepared to bear some pain.
Fed 7 directors of the Board of Directors participated in the event. Fed listens to be held across the United States since 2019, when Fed sought public comments on its monetary policy . The relevant revision was completed in 2021, but Fed maintained the public exchange activity, and the Fed listener on the 23rd was mainly aimed at industrial and commercial groups.
Fed will reduce inflation at a 40-year high and prioritize economic growth. Last week, Fed raised interest rates by 0.75 percentage points (3 digits), the most radical austerity measure since the 1980s. Fed now predicts that the U.S. economy will grow by 0.2% this year, a sharp decline from 1.4% forecast in June, and next year's economic growth forecast also drops to 1.2% from the previous expected 1.7%.
US consumer inflation fell slowly after the peak of 9.1% annual growth rate in June, increasing by 8.3% in August, but higher than the market estimate of 8.1%.
Fed Vice Chairman Brandonard pointed out that price pressure has the heaviest impact on vulnerable groups. She said we are seeing high wage growth for the lowest-income workers, but overall wages cannot catch up with the rate of inflation rising, and low-income families are particularly burdened despite the impact of high inflation.
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