Powell: Fed Doesn't Need to "Hastily" Cut Interest Rates

BlockBeats News, November 15th, Federal Reserve Chair Powell stated that due to the strong U.S. economy, the Fed does not need to "rush" to lower interest rates, and the Fed will "carefully monitor" to ensure that certain inflation indicators remain within an acceptable range.

Powell reiterated that the Fed's policy rate path will depend on upcoming data releases and the evolution of the economic outlook. He said that the inflation rate is approaching the Fed's 2% target but has not yet reached it. The Fed will closely monitor core inflation indicators that exclude housing, which have been declining over the past two years. "We expect these indicators to continue to fluctuate within a short-term range, and the road to the Fed's 2% target can sometimes be bumpy. But we still believe we are on track in terms of inflation." (FXStreet)