Federal Reserve's Powell says 'more good data' could open door to interest rate cuts

Federal Reserve Chair Jerome Powell told a Senate panel that the economy has returned to its pre-pandemic level: 'strong, but not overheated.'

Federal Reserve Chair Jerome Powell said Tuesday that 'more good data' could open the door to interest rate cuts, citing recent reports that show that the labor market and inflation are continuing to cool. The central bank left its benchmark interest rate unchanged at its June meeting, and penciled in only one rate cut in 2024 versus its previous forecast of three cuts this year, after digesting data showing inflation remains stubbornly high.

'The next 'likely direction seems to be .... that we loosen policy at the right moment,' Powell said at the hearing, adding that he believed it would be unlikely for the Fed to increase rates. Recent economic indicators suggest 'that conditions have returned to about where they stood on the eve of the pandemic: strong, but not overheated,' Powell added.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CBSHealth /  🏆 480. in US

Interest Rates Federal Reserve

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Watch Fed Chair Jerome Powell testify live before Senate banking panelPowell speaks Tuesday to the Senate Banking Committee as part of his semiannual address to Congress on monetary policy.
Read more »

Glen Powell Isn’t ‘Chasing Love’ Glen Powell After Gigi Paris SplitGlen Powell split from his long-time girlfriend Gigi Paris over a year ago — and he’s been too busy to worry about a relationship ever since.
Read more »

Fed Chair Powell scheduled for July 9 Senate Banking testimonyFed Chair Powell scheduled for July 9 Senate Banking testimony
Read more »

WATCH LIVE: Fed Chair Jerome Powell Holds Press ConferenceWATCH LIVE: Fed Chair Jerome Powell Holds Press Conference
Read more »

High inflation is no longer the only risk for U.S. economy: Fed chair PowellPowell is appearing on Capitol Hill this week, with back-to-back hearings before lawmakers.
Read more »

WATCH LIVE: Fed Chair Jerome Powell Testifies on Capitol HillWATCH LIVE: Fed Chair Jerome Powell Testifies on Capitol Hill
Read more »