Powell says the Fed doesn't need to be 'in a hurry' to reduce interest rates

Published On Nov 14, 2024, 3:00 PM

Federal Reserve Chair Jerome Powell stated that the strong U.S. economic growth gives the Fed flexibility in deciding when to lower interest rates. He noted that there are no pressing signals necessitating a hasty reduction in rates, as the economy continues to perform well. Powell acknowledged recent upticks in inflation but expressed confidence that inflation will gradually return to the Fed's 2% target. Despite possibilities of a rate cut in December, he emphasized a cautious approach in policy adjustments to maintain economic stability.