Powell says Fed is increasing work on climate change risk

Jerome Powell gives testimony
Federal Reserve

The Federal Reserve has increased its research into managing risks related to climate change, but does not see them as a “near-term” threat, chairman Jerome Powell told US lawmakers on November 14.

Powell told the lawmakers that climate change does not have any near-term implications for monetary policy. The Fed recognises that over time climate change could affect its key policy tool, he said, but it is not something it is considering right now.

He also stressed that climate change was an

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