Fed Chair Jerome Powell says no need to hurry rate cuts with strong economy

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Fed Chair Jerome Powell says no need to hurry rate cuts with strong economy - Business Standard

Quick Summary:

US central bankers began lowering borrowing costs in September with an aggressive half-percentage-point cut, and then lowered the policy rate again by a quarter point last week.

While Powell said the Fed hasn’t made any decisions, he suggested the central bank will shift to a traditional inflation target.

The so-called core consumer price index — which excludes food and energy costs — increased 0.3 per cent for a third month.“Inflation is running much closer to our 2 per cent longer-run goal, but it is not there yet,” Powell said.“We are committed to finishing the job.