Fed Chairman Seems Content With Current Interest Rate
On Wednesday, Federal Reserve Chairman Jerome Powell told lawmakers that the Fed does not see any convincing evidence for further interest rate cuts, according to The Wall Street Journal.
“We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, a strong labor market, and stable inflation," said Mr. Powell.
Two weeks ago, the Fed cut its benchmark interest rate to a range between 1.5 percent and 1.75 percent in the attempt to bolster the U.S. economy in response to decreasing business investment and global growth.
After the rate cut, Chairman Powell informed lawmakers that the Fed was content with current interest rates. His statement on Wednesday reaffirmed this belief as no cut in rates is expected in the near future given current data.
Federal Reserve Chairman Jerome Powell released a statement on Wednesday confirming a previous statement he made regarding no future benchmark interest rate cuts.