Federal Reserve Chair Jerome Powell said an interest-rate cut could come as soon as September after the U.S. central bank voted to leave its benchmark at the...
Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve Board Building Tuesday, Wednesday, July 31, 2024, in Washington. Federal Reserve Chair Jerome Powell said an interest-rate cut could come as soon as September after the U.S. central bank voted to leave its benchmark at the highest level in more than two decades.
Still, policymakers retained language that they didn’t expect it would be appropriate to lower borrowing costs until they had gained “greater confidence” that inflation is moving toward their target sustainably. While the job market remains on solid footing overall, the unemployment rate has inched up in each of the past three months, reaching 4.1% in June, the highest level since 2021.
Inflation figures have also been more encouraging as of late, having resumed a downward trend toward the central bank’s 2% target. Powell previously noted the figures added “somewhat to confidence” that they will continue to cool.
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