Fx trading News:Fed Chairman expresses concern about the financial status of the US government for the second day in a row!


2020-02-14 13:40      from:CAPSTONE    author:Jack

Capstone Forex Trading News:US Federal Reserve Chairman Powell attended a hearing on the Senate Banking Committee on the 12th and reiterated his confidence in the prospects of the US economy, but expressed concern about the federal government's financial situation.
Powell said that the current US economy continues to expand, the unemployment rate is at a historically low level, wages have increased year-on-year, and employment opportunities have continued to increase. But at the same time, US debt levels continue to rise, and the federal government's fiscal situation is worrying.

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He believes that the biggest problem with the federal budget is medical spending, which accounts for about 17% of gross domestic product (GDP), which is much higher than most advanced economies. Data show that the federal budget deficit this fiscal year may exceed $ 1 trillion.
Powell said that the current ratio of national debt to GDP is rising rapidly. This means that future interest costs will become a greater financial burden. According to data recently released by the Peter Peterson Foundation, as US debt levels continue to rise and interest rates rise, the US government ’s net interest cost will increase from $ 382 billion this year to $ 829 billion by 2030.
This is the second consecutive day that Powell has expressed concern about the financial situation of the US government. At a hearing before the House Financial Services Committee on the 11th, Powell called on Congress to reduce the federal budget deficit.

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