federal reserve chair Jerome Powell has claimed that the resolution of the debt ceiling crisis is a matter for Congress and the central bank is not involved in discussions on the matter.

“There is only one way forward here, and that is for Congress to raise the debt ceiling so the United States government can pay all of its obligations as they come due. Any deviation from this path would be extremely risky. No one should assume that the Fed can protect the economy from the fallout if it doesn’t act in a timely manner,” Powell said in a news conference, according to a Video tweeted by Bloomberg Television.

Also read: How to invest in startups

When asked if the Fed was actively making plans for the debt ceiling crisis, Powell said that it really is up to Congress to raise the debt ceiling. “I assume there are discussions going on. But they don’t involve us. We are not involved in these discussions. We are the fiscal agent,” he said.

Biden-McCarthy Meeting: On Wednesday, president yeah biden provided House speaker Kevin McCarthy in which Oval Officewhere, according to a White House statement, “they had an open and direct dialogue.”

While the president and speaker agreed to continue talks, and McCarthy said the two could find common ground, there were no signs of an immediate breakthrough, Reuters reported. “The president and I had a good first meeting,” McCarthy told reporters after the more than hour-long meeting, the Reuters report said.

Continue reading: Tesla, Amazon, Meta, Carvana, Silvergate Capital: Why These 5 Stocks Are Capturing Investors’ Attention Today

photo via Federal Reserve on Flickr