Fed chair: As world evolves, 'cyber risk' becomes greater threat

Jerome Powell.
(Image credit: Scott Olson/Getty Images)

Federal Reserve Chairman Jerome Powell says the chances of another global financial crisis like the one that hit in 2008 is "very, very low." Instead, he told 60 Minutes during an interview that aired Sunday night, "the risk that we keep our eyes on the most now is cyber risk."

The economy is "ever changing," Powell explained to correspondent Scott Pelley. "The globalization of the economy and technology have enabled manufacturing to take place all around the world. It's very hard for people in wealthy countries to raise prices or to raise wages. It's hard for workers to raise wages when wages can move overseas. It's just a different economy."

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Catherine Garcia, The Week US

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.