Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • ROOMS:

Powell says Fed won't rush to cut interest rates until inflation is conquered

Federal Reserve Chairman Jerome Powell said during congressional testimony Wednesday that the central bank is in no rush to start cutting interest rates.

Federal Reserve Chair Jerome Powell said Wednesday that policymakers expect to cut interest rates sometime in 2024, but are not ready to do so until they are confident inflation is tamed.

"We believe that our policy rate is likely at its peak for this tightening cycle," Powell said in remarks prepared for testimony before the House Financial Services Committee. "If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year."

This is a developing story. Please check back for updates.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Copyright © 2010-2020 & California Media Partners, LLC. All rights reserved.