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Home»Altcoin»Fed’s Jerome Powell Dampens Hope for Big Rate Cut This Year, Says Policy To Move Toward Neutral Stance
Fed’s Jerome Powell Dampens Hope for Big Rate Cut This Year, Says Policy To Move Toward Neutral Stance
Altcoin

Fed’s Jerome Powell Dampens Hope for Big Rate Cut This Year, Says Policy To Move Toward Neutral Stance

adminBy adminOctober 2, 2024No Comments2 Mins Read
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U.S. Federal Reserve Chair Jerome Powell anticipates future monetary policy will evolve into a more “neutral stance.”

While speaking at an economics event in Nashville earlier this week, Powell said the economy looks “strong overall.”

He noted there were roughly equal levels of risk associated with the Fed’s goals of reducing inflation and keeping the labor market strong.

“Our decision to reduce our policy rate by 50 basis points reflects our growing confidence that, with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate economic growth and inflation moving sustainably down to 2 percent.

Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course. The risks are two-sided, and we will continue to make our decisions meeting by meeting. As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks. Overall, the economy is in solid shape; we intend to use our tools to keep it there.

Last month, the Fed cut interest rates for the first time since March 2020. The US inflation rate in August was 2.5%.

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