Jerome Powell suggests to Congress that Fed will hold on interest rates for now
Headline from UPI
Federal Reserve Chair Jerome Powell told a Senate committee on Tuesday that, while the inflation remains higher than its benchmark, the Fed realizes holding rates at their current levels too long could harm the economy.
UPI's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Federal Reserve Chair Jerome Powell told a Senate committee on Tuesday that, while the inflation remains higher than its benchmark, the Fed realizes holding rates at their current levels too long could harm the economy.
The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in written testimony Tuesday, a shift in emphasis away from the Fed's single-minded fight against inflation of the past two years that suggests it is moving closer to cutting interest rates.
Inflation has come a long way since reaching a four-decade peak two years ago, Federal Reserve Chair Jerome Powell said Tuesday. However, central bank officials still want to see more progress before cutting interest rates, he noted.
The Federal Reserve faces a cooling job market and persistently high prices, Chair Jerome Powell told Congress, signaling that an interest rate cut may be near.
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Jerome Powell suggests to Congress that Fed will hold on interest rates for now | Since Then
