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After Jamie Dimon warns of market ‘rebellion’ against $34 trillion national debt, Jerome Powell says it’s past time for an ‘adult conversation’ about unsustainable fiscal policy
Powell, who said he normally doesn’t comment on politics, criticized lawmakers for “effectively borrowing from future generations” with their “unsustainable” policies.
‘Borrowing from future generations’
It’s rare to see a Fed official discuss politics. The U.S. central bank is supposed to be a nonpartisan, independent institution, after all. Powell reiterated as much in his 60 Minutes interview over the weekend, saying, “We mostly try very hard not to comment on fiscal policy and instruct Congress on how to do their job, when actually they have oversight over us.”
But almost immediately after that statement, Powell criticized lawmakers for “effectively borrowing from future generations” with their “unsustainable” policies. “It’s time for us to get back to putting a priority on fiscal sustainability,” he added.
