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To date, cryptocurrencies have not served as a convenient way to make payments, given, among other factors, their swings in value, stablecoins aim to use new technologies in a way that has the potential to enhance payments efficiency, speed up settlement flows, and reduce end-user costs — but they may also carry potential risks to those users and to the broader financial system.
We will reach the time at which we will taper asset purchases when we have made substantial further progress towards our goals from last December, that would in all likelihood be before, well before, the time we would consider raising interest rates. We have not voted on that order but that is the sense of the guidance.
It would be very helpful and very important that there be additional fiscal support for the economy, really to get us through the winter, i think we made a lot of progress faster than we expected, and now we have a big spike in COVID cases, and it may weigh on economic activity. People may pull back from activities they were being involved in or not engage in new activities.
You are seeing strong durable goods sales. You are seeing housing now contributing to growth for the first time in a while. And you are seeing retail sales, more broadly, monetary policy is also supporting household spending and home buying by keeping the labor market strong, keeping workers incomes rising, and keeping consumer confidence at high levels.
My duty is one that Congress has given us, which is to use our tools to achieve maximum employment and stable prices and to supervise and regulate banks so that they treat their customers fairly and so that they're strong, well-capitalized and can perform their critical function in good times and bad, that's my job. And I think for me to get into responding to any elected official would be a distraction from that job.
The idea that deficits don't matter for countries that can borrow in their own currency I think is just wrong. I think that U.S. debt is fairly high as a level of (gross domestic product) and, much more importantly than that, it's growing faster than GDP, to the extent that people are talking about the Fed - our role is not to provide support for particular policies.
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