(Bloomberg) — Federal Reserve Chair Jerome Powell is set to reiterate his stance that there is no urgency to reduce interest rates, particularly in light of the latest inflation figures indicating ongoing price pressures.
Powell is scheduled to appear before a House committee on Wednesday and a Senate panel on Thursday to deliver his semiannual monetary policy testimony. He and the majority of his colleagues have emphasized the need for patience in determining when to lower rates, citing the underlying strength of the US economy.
During an interview with CBS’s 60 Minutes on Feb. 5, Powell stated, “The danger of moving too soon is that the job’s not quite done, and that the really good readings we’ve had for the last six months somehow turn out not to be a true indicator of where inflation’s heading.”
Recent data showing an increase in inflation last month has validated this cautious approach. However, it’s important to…
2024-03-02 16:00:00
Link from finance.yahoo.com