Federal Reserve Chairman Powell apologizes: The era of long-term low interest rates is over

Odaily Planet Daily News Federal Reserve Chairman Powell said on Thursday that the Federal Reserve is adjusting its overall policy formulation framework to respond to major changes in inflation and interest rate prospects after the COVID-19 in 2020. Powell said, "The economic environment has undergone significant changes since 2020, and our review will reflect our assessment of these changes Nick Timiraos, a Wall Street Journal reporter and a spokesperson for the Federal Reserve, pointed out that the Fed adopted the current framework five years ago and began reviewing it this year. This review is unlikely to affect the way the Fed currently sets interest rates. Powell suggested that the higher inflation adjusted interest rate (that is, "real interest rate") after the COVID-19 in 2020 may make some elements of the current framework of the Federal Reserve no longer applicable. (Golden Ten)