Central Banks
Powell’s Half-Point Cut Is Hard to Repeat With FOMC in No Hurry
- Minutes unveil details of pushback at September meeting
- Several officials have shown preference for gradual approach
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Federal Reserve Chair Jerome Powell is unlikely to win another big interest-rate cut from his policy committee so long as the labor market holds up.
Powell described the move as a recalibration aimed at making sure the labor market remained strong at his press conference after officials reduced the benchmark lending rate by a half percentage point to a range of 4.75% to 5%.