Powell Reiterates Fed Doesn’t Need to Be In Hurry to Cut Rates

Fed chief says PCE inflation data ‘in line with expectations’
Says inflation will continue to ease on ‘sometimes bumpy’ path

WATCH: “If we if we reduce rates too soon, there’s a chance that inflation would pop back and we’d have to come back in, and that would be very disruptive,” Powell said Friday.Source: Bloomberg

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By Catarina Saraiva and Reade Pickert

March 29, 2024 at 3:29 PM UTC

Updated on

March 29, 2024 at 5:34 PM UTC

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Federal Reserve Chair Jerome Powell repeated that the US central bank isn’t in any rush to cut interest rates as policymakers await more evidence that inflation is contained.

“The fact that the US economy is growing at such a solid pace, the fact that the labor market is still very, very strong, gives us the chance to just be a little more confident about inflation coming down before we take the important step of cutting rates,” Powell said Friday at an event at the San Francisco Fed.