Federal Reserve chair Jerome Powell reiterated the central bank is in no rush to cut interest rates with inflation still lingering and a string economy.
Federal Reserve Chair Jerome Powell speaks to the Senate Banking Committee, Tuesday, Feb. 11, 2025, on Capitol Hill in Washington.
The economy is in overall good standing despite nagging inflation, with unemployment remaining near historical lows, jobs readily available and continued economic growth despite the weight elevated rates have on investment. Powell and other governors have said the Fed will be cautious with lowering rates in 2025 and react to the data.
The Fed may keep its rates higher for longer if inflation does not continue to move downward and the economy remains strong, though Powell said the Fed is equally concerned about maintaining the maximum employment side of its dual mandate. Powell has avoided speaking directly about Trump’s push to cut rates or commenting on the administration’s economic policies, instead positioning the Fed as being responsive to government policy.
Republicans frequently pressed Powell on how the Fed’s banking regulators plan to tackle a growing issue with alleged “debanking,” when crypto firms and people are denied or lose access to banks over supposed financial, legal or reputational risks. The Fed chair said he and other officials were concerned at the growing quantity of reports on the issue.
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