Central Banks
Powell Reiterates Fed Needs More Confidence on Inflation to Cut
- Says likely appropriate to cut rates ‘at some point this year’
- Powell expects broad, material changes to Fed capital proposal
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Federal Reserve Chair Jerome Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation.
In testimony before a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs “at some point this year,” but made clear officials are not ready yet.