Powell: Fed to tread cautiously on rate cuts amid persistent inflation concerns

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Powell: Fed to tread cautiously on rate cuts amid persistent inflation concerns - Business Mirror

Quick Summary:

WASHINGTON—Chair Jerome Powell said Thursday that the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s officials want to see where it heads next.

Other Fed officials have also recently expressed uncertainty about how much more they can cut rates, given the economy’s steady growth and the apparent stickiness of inflation.

Powell, speaking in Dallas, said that inflation is edging closer to the central bank’s 2% target, “but it is not there yet.