Thursday, March 28, 2024

U.S. condemns latest PRC actions in South China Sea as dangerous

Coming just days after U.S. Secretary of State Antony Blinken visited Manila (March 19), Washington released on March 23 a strongly worded statement of support for the Philippines after another dangerous encounter was provoked by the People’s Republic of China (PRC) near the Second Thomas Shoal in the South...

Quote of the Day

The case for monetary policy independence lies in the benefits of insulating monetary policy decisions from short-term political considerations. Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy. The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors. I believe that the benefits of independent monetary policy in the U.S. context are well understood and broadly accepted.

Jerome Powell
Federal Reserve Board Chair

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