Powell said the Federal Reserve needs “more confidence” in the U.S. economy before it can begin cutting rates.
Federal Reserve Chair Jerome Powell is warning the United States is on an “unsustainable fiscal path,” with debt currently outpacing growth in the broader economy.
Speaking in a Jan. 4 interview with 60 Minutes, Powell said it’s now “past time” for elected U.S. officials to start having an “adult discussion” about reducing the level of debt in the economy.
“In the long run, the U.S. is on an unsustainable fiscal path. The U.S. federal government’s on an unsustainable fiscal path. And that just means that the debt is growing faster than the economy,” Powell said.