Chair Jerome Powell said Monday that the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut ra
Fed eral Reserve Chair Jerome Powell participates in a conversation with Economic Club of Washington, DC, Monday, July 15, 2024, in Washington.
Powell declined to provide any hints of when the first rate cut would occur. But most economists foresee the first cut occurring in September, and after Powell's remarks Wall Street traders boosted their expectation that the Fed would reduce its key rate then from its 23-year high. The futures markets expect additional rate cuts in November and December.Rate reductions by the Fed would, over time, reduce consumers' borrowing costs for things like mortgages, auto loans, and credit cards.
Powell also commented on the attempted assassination of former President Donald Trump Saturday, saying it was a "sad day for our country" and adding that violence had no place in U.S. politics. In a call with reporters, Daly struck an upbeat tone, saying that June's consumer price report showed that "we've got that kind of gradual reduction in inflation that we've been watching for and looking for, which ... is actually increasing confidence that we are on path to 2% inflation."
Fed Powell Rate Cuts Economy Prices Target Confidence
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