Powell Cites Inequality for Rate Cut to Help ‘Those Left Behind’

Federal Reserve Chair Jerome Powell cited the need to help “those left behind” in one of his first comments after the U.S. central bank cut interest rates on Wednesday, suggesting that income distribution may be playing a bigger role in Fed thinking.

In the later stages of America’s decade-long economic rebound, “wages have been rising particularly for lower paying jobs,” Powell said early in his press conference in Washington. “This underscores for us the importance of sustaining the expansion so the strong job market reaches more of those left behind.”