Bloomberg Businessweek Powell Tells Congress Fed Still in No Rush to Lower Rates
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Feb 11, 2025 
Sam Altman, CEO of OpenAI, reacts to Elon Musk's bid to acquire the nonprofit, sharing insights on the competitive dynamics in the AI landscape. Meanwhile, Andy Bennett, CEO of Driivz, discusses the Trump administration's pause on charging infrastructure funding and its minimal effect on the U.S. electric vehicle market. The conversation also delves into the impact of such policies on consumer adoption and the future of EV infrastructure, painting a complex picture of technology and governance in today's economy.
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Powell's Steady Message
- Fed Chair Jay Powell testified before Congress, primarily focusing on monetary policy.
- His message remained consistent: no rush to adjust interest rates.
Economy Remains Strong
- The Fed believes the economy and labor market are strong, while inflation is down but still high.
- This consistent message suggests no immediate rate changes.
Kennedy Praises Powell
- Senator Kennedy urged Powell to take credit for a soft landing, which Powell modestly declined.
- This exchange was unusual given Kennedy's Republican affiliation and the current administration's critical economic stance.
