Powell: don't assume Fed can protect U.S. from debt default

STORY: Powell told a news conference after the Fed's latest rate decision that resolving the debt ceiling standoff was a matter for Congress and the Biden administration.

"We don't give advice to either side," Powell said. "We would just point out that it's very important that this be done. But the other point I'll make about that, though, is that no one should assume that the Fed can protect the economy from the potential, you know, short and long term effects of a failure to pay our bills on time."