Powell on his way to a Senate Banking Committee hearing (AFP)
At a Senate Banking Committee hearing in preparation for confirmation of his re-nomination for a second term, Federal Reserve Chairman Jerome Powell said Tuesday that US central bank We need to focus now on inflation more than full employment.
“I can say the focus right now is .,” Powell said inflationWhich requires more attention from the makers monetary policy, as reported by “Archyde.com”.
The Federal Reserve has a congressional mandate to pursue monetary policy that promotes price stability and maximizes employment.
The inflation rate is currently more than twice the level targeted by the Federal Reserve, while unemployment is returning to approaching its pre-pandemic level.
Expected rise in US oil production
On the other hand, the government said on Tuesday, in its first forecast for next year, that crude oil production in the United States is expected to rise by 610,000 barrels per day to 12.41 million barrels per day in 2023.
According to a monthly report from the Energy Information Administration, US gasoline demand is expected to increase by 90,000 barrels per day to 9.15 million barrels per day in 2023.
The report also stated that the total US demand for oil is expected to record an increase of 330,000 barrels per day in 2023 to reach 20.92 million barrels per day.
Record level of US gas production
In the energy sector, too, the administration said in its Short-Term Energy Outlook that natural gas production in the United States will reach an all-time high in 2022.
The government agency predicted that dry gas production would increase to 96.04 billion cubic feet per day in 2202 and to 97.55 billion cubic feet per day in 2023, from the current record level of 93.51 billion cubic feet per day set in 2021.