Inflation & Prices
Powell Flags Rising Risks to Jobs While Avoiding Rate-Cut Timing
- Fed chair says inflation isn’t only risk facing central bank
- Data suggest labor market has cooled considerably, Powell says
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Federal Reserve Chair Jerome Powell said officials are increasingly wary of potential risks to the labor market from high borrowing costs as they seek more evidence inflation is slowing down.
Speaking to lawmakers Tuesday, Powell was careful not to offer a timeline for interest-rate cuts, which investors are now betting will begin in September. But he emphasized mounting signs of a cooling job market after government data published July 5 showed a third straight month of rising unemployment.