On Thursday, 17 top Federal Reserve officials explained that the committee plans to let inflation run hotter than usual, or above the benchmark 2% rate for a duration of time. Fed Chair Jerome Powell’s speech was considered a “major policy shift” and a number of economists commented on the central bank’s move. Senior director of policy at Visa, Andy Yee, said Powell’s inflation statements were historical and people should “opt out with bitcoin.”
According to the U.S. Federal Reserve, the central bank will be allowing inflation to run up higher than 2% for a period of time.
The Fed also said that it wouldn’t hold a bias toward the labor markets and the central bank will hold to its new policy framework. News.Bitcoin.com recently reported on the Fed’s inflation proposal and how it aims to leverage the economy’s inflation rate.
“The Committee seeks to achieve inflation that averages 2% over time and therefore judges that, following periods when inflation has been running persistently below 2%,” the Fed explained on Thursday. “Appropriate monetary policy will likely aim to achieve inflation moderately above 2% for some time,” the central bank added.
Following the Fed’s major policy shift to let inflation run more rampant, a few analysts and economists commented on the central bank’s new direction.
Andy Yee, a senior director of policy at Visa tweeted about the Fed’s latest move to let inflation run hotter than usual. “Jerome Powell’s speech today will be for the history books,” Yee said. The Visa executive continued:
Never in the history of mankind was so much stolen from so many by so few. Opt out with Bitcoin.
On Twitter, the Visa executive Yee has commented on bitcoin on numerous occasions in the past. When CNBC reported that the Fed Chair was set to deliver a “’profoundly consequential speech,” Yee said: “In 2008, Satoshi Nakamoto delivered ‘profoundly consequential’ whitepaper, changing how people view…