Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Fed's Powell: Climate change real, but not focus of Fed's mission

Published 03/06/2024, 11:38 AM
Updated 03/06/2024, 11:43 AM
© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell holds a press conference following the release of the Fed's interest rate policy decision at the Federal Reserve in Washington, U.S., January 31, 2024. REUTERS/Evelyn Hockstein/File Photo

By Michael S. Derby

NEW YORK (Reuters) - Federal Reserve Chairman Jerome Powell said Wednesday that he still doesn't see the central bank as the appropriate part of the government to take a leading role in dealing with climate-change threats.

“I certainly believe climate change is real and poses risks over the long term," Powell told the House Financial Services Committee. But he reiterated that he believes these issues are best dealt with by elected officials, saying "we are not climate change policy makers.”

“We believe that we need to do our job that you’ve assigned to us, which is maximum employment and price stability," and using monetary policy to tackle this issue wouldn't have much impact.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.