On Thursday, 17 top Federal Reserve officials explained that the committee plans to let inflation run hotter than usual, or above the benchmark 2% rate for a duration of time. Fed Chair Jerome Powell’s speech was considered a “major policy shift” and a number of economists commented on the central bank’s move. Senior director of policy at Visa, Andy Yee, said Powell’s inflation statements were historical and people should “opt out with bitcoin.”
According to the U.S. Federal Reserve, the central bank will be allowing inflation to run up higher than 2% for a period of time.
The Fed also said that it wouldn’t hold a bias toward the labor markets and the central bank will hold to its new policy framework. News.Bitcoin.com recently reported on the Fed’s inflation proposal and how it aims to leverage the economy’s inflation rate.
“The Committee seeks to achieve inflation that averages 2% over time and therefore judges that, following periods when inflation has been running persistently below 2%,” the Fed explained on Thursday….