Stock futures rose slightly on Monday as Wall Street kicked off the second quarter following a strong start to the year.
Federal Reserve Chair Jerome Powell said Friday that recent economic data is giving policymakers a cushion as they contemplate when to begin cutting interest rates. 'That means we don't need to be in a hurry to cut,' the Fed chief said during an interview at the San Francisco Fed with public radio's 'Marketplace' program, according to a Reuters account . 'You won't see us overreacting,' he added.
The remarks came the same day that the Commerce Department's reading on the personal consumption expenditures price index showed a 12-month inflation rate of 2.5% , or 2.8% at core when excluding the volatile food and energy component. The Fed prefers the PCE gauge when it looks at inflation, and particularly focuses on the core level as a longer-term guide. Powell said the report was 'what we were expecting,' and followed other readings on labor and broader growth that show the U.S.
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