Fed Chair Jerome Powell reiterated the Fed's position that policymakers are not yet ready to cut interest rates in prepared congressional testimony on Wednesday. Powell said the Fed will carefully assess incoming data and the evolving economic outlook before adjusting rates. He noted the Fed expects it will be appropriate to start reducing rates once there is greater confidence that inflation is sustainably moving toward the 2% target. Powell's comments indicate the Fed remains concerned about losing progress on inflation and will rely on data, not a preset course, for rate decisions.
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00:00 It's Benzinga and here's what's on the block.
00:02 Fed Chair Jerome Powell reiterated the Fed's position that policy makers are not yet ready
00:06 to cut interest rates, a rare to congressional testimony on Wednesday. Powell said the Fed
00:10 will carefully assess incoming data and the evolving economic outlook before adjusting rates.
00:15 He noted the Fed expects it will be appropriate to start reducing rates once there's greater
00:18 confidence that inflation is sustainably moving towards the 2% target. Powell's comments indicate
00:23 the Fed remains concerned about losing progress on inflation and will rely on data, not a preset
00:27 course for rate decisions. Powell said inflation has eased substantially but remains above the
00:32 Fed's target while the job market remains strong. For all things money visit Benzinga.com