- ORIGINAL NEWS
Powell insists the Fed will move carefully on rate cuts, with probably fewer than the market expects
- SUMMARY
Federal Reserve Chair Jerome Powell recently indicated that the central bank will proceed cautiously with interest rate cuts this year and will likely move at a slower pace than the market anticipates.
Despite previous warnings that rate hikes might cause some pain, Powell said that hasn’t happened and the economy has grown strongly with robust job creation.
He emphasized that the Fed won’t be swayed by politics during this presidential election year and will focus on achieving its goals of stable prices and maximum employment.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Federal Reserve Chair Jerome Powell expressed confidence in the economy, promised he wouldn’t be swayed by this year’s presidential election, and said the pain he feared from rate hikes never really materialized”
“the jobs market is strong. Nonfarm payrolls accelerated by 353,000 in January, the Labor Department reported Friday”
Negative
“inflation, while still above the Fed’s target, has moderated”
“Federal Reserve Chair Jerome Powell warned that the monetary policy tightening would cause ‘some pain.'”