Powell Emphasizes Fed's Confidence in Economy, But Wants More Before Cutting Rates
Federal Reserve Chair Jerome Powell vowed the central bank will proceed carefully with interest rate cuts this year and likely move at a slower pace than markets expect in a "60 Minutes" interview. Powell said the Fed wants more evidence that inflation is sustainably moving down toward its 2% target before beginning rate cuts. Their confidence in the economy is rising but they want more confidence before cutting rates. Powell signaled it's unlikely the Fed will cut rates in March. He said that nothing has changed to shift the Fed's view from its December projections pointing to three rate cuts this year, not five as markets expect.
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00:00 It's Benzinga and here's what's on the block. Federal Reserve Chair Jerome Powell vowed the
00:04 central bank will proceed carefully with interest rate cuts this year and likely move at a slower
00:08 pace than markets expect in a 60-minute interview. Powell said the Fed wants more evidence that
00:12 inflation is sustainably moving towards its 2% target before beginning rate cuts. Their
00:16 confidence in the economy is rising, but they want more confidence before cutting rates.
00:20 Powell signaled it's unlikely the Fed will cut rates in March. He said that nothing has changed
00:24 to shift the Fed's view from its December projections, pointing to three rate cuts this
00:28 year, not five as markets expect. Powell reiterated that neither he nor other Fed officials will be
00:32 swayed by political pressures during this election year and that the Fed does not consider politics
00:36 in its decision making. For all things money visit Benzinga.com