Jerome Powell says his confidence has grown that inflation will drop to 2 percent, with Federal Open Market Committee not seeking further cooling in labour market.
US Federal Reserve Chair Jerome Powell speaks during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, July 31, 2024. / Photo: Reuters Archives
"The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." The current unemployment rate of 4.3 percent is roughly at the level Fed officials feel is consistent with stable inflation over the longer run."We do not seek or welcome further cooling in labour market conditions," Powell said."We will do everything we can to support a strong labour market as we make further progress toward price stability.
It has been held there for more than a year even as the economy defied frequent predictions of recession, inflation fell, and economic growth continued - the makings of a textbook"soft landing," with the endgame of rate cuts now set to begin.
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