Federal Reserve Chairman Jerome Powell told CBS’s “60 Minutes” in an interview Sunday that the US economy is at a “turning point,” with growth forecasts and job creation that appear strong.
Note: In an interview with CBS’s Scott Pelley, Powell said it was “very unlikely” that the Fed would raise interest rates this year.
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News management: “What we see now is really an economy that seems to be in a turning point, and that’s because of large-scale vaccination and strong fiscal support, strong monetary policy support,” Powell said in the interview.
- “We feel that we are in a place where the economy is about to start growing much faster and creating jobs much faster.”
Yes but: Powell’s prediction is based on the fact that there is no other wave of COVID-19.
- “I would identify the main risk to our economy right now is that the disease will spread again faster,” Powell said.
- “We see cases. They’re at a much lower level. But we see them moving now. And that’s worrying. It will be smart if people can continue to distance themselves socially and wear masks.”
Threat level: Powell told Pelley that the Fed’s biggest risk now is threatening a cyber violation. Officials were preparing for a number of scenarios – from payment service failures on individuals and large financial institutions to the shutdown of the financial system.
- “There are cyber attacks every day on all major institutions now,” Powell noted.
- “And the government is working hard on this. So are all private sector companies. Great efforts are being made to deal with these threats. This is a big part of the image of threats in today’s world.”
For registration: President Biden took office a month after it was revealed that suspected Russian hackers had launched a massive cyber attack on several US government agencies and companies.
- The Biden administration is working on an executive order to strengthen federal cyber security after the hacking of SolarWinds and Microsoft Exchange Server – which was targeted by a Chinese government-backed cyber intelligence unit, came out earlier this month.
- Homeland Security Secretary Alejandro Mayorkas outlined a plan to combat online attacks earlier this month and said the Biden administration is committed to the role of newly-appointed, Senate-confirmed national cyber director for success, but the function does not she was still busy.