Fed's Powell Asked About Central Bank Digital Currency, Says Not Much Going On; Fed Does Not Have Authority To Issue CBDC; Not Seeking Authority To Issue CBDC; Just Keeping Up With Developments And Evaluating What's Happening
Portfolio Pulse from Benzinga Newsdesk
Fed Chairman Jerome Powell stated that the Federal Reserve is not actively pursuing the issuance of a Central Bank Digital Currency (CBDC) and does not have the authority to do so. The Fed is merely keeping up with developments and evaluating the situation.
July 31, 2024 | 7:18 pm
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NEUTRAL IMPACT
The Federal Reserve's stance on not pursuing a CBDC and lacking the authority to issue one suggests no immediate changes in monetary policy or financial system structure, which could maintain stability in the market.
The Fed's position on CBDC indicates no immediate changes in monetary policy or financial system structure, which suggests stability for the market. This is neutral news for SPY in the short term.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50