Jerome Powell's straight talk stands out in Washington
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Jerome Powell, the Fed chair, gave a TV interview where he discussed various topics. He mentioned that the economy is strong with solid growth, low unemployment, and decreasing inflation. He stated that the decision to cut interest rates will not be influenced by the election and that it is not unusual to beat back inflation without causing a recession. Powell also expressed concerns about the rising federal debt and stated that the U.S. financial system is not deeply intertwined with China's. He emphasized the importance of immigration to the economy and identified geopolitical risks as the greatest threat. Powell highlighted the dynamic and innovative nature of the U.S. economy and the desire for American leadership in the world. He also mentioned the need for an adult conversation about unsustainable fiscal policy. The article also includes unrelated news about Amazon's struggles in the grocery market, Huawei's focus on AI chips, and McDonald's declining global sales due to boycotts in the Middle East and Muslim-majority countries.

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https://fortune.com/2024/02/06/fed-chair-jerome-powell-interest-rates-60-minutes/