Fed Chair Jerome Powell Sees No Rush for Rate Cuts as Economy Remains Resilient, Advocates Caution

Benzinga 2024-11-15

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Federal Reserve Chair Jerome Powell highlighted the strength of the U.S. economy in a speech, emphasizing that robust growth allows policymakers to take a deliberate approach to adjusting interest rates. Powell noted, “The economy is not sending any signals that we need to be in a hurry to lower rates,” indicating that the Fed can adopt a measured pace. He cited positive trends in the labor market despite October’s weak job growth, which was attributed to external factors like weather and strikes. Although inflation remains above the Fed’s 2% target, Powell acknowledged broad progress and reiterated the Fed’s commitment to bringing inflation down.

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