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Banking

Fed’s Powell: Central bank forecasts don’t point to urgent action

2024 09 18T185141Z 1 LYNXMPEK8H0Q5 RTROPTP 4 USA ECONOMY FED

Published : 3 weeks ago, on

 

By Michael S. Derby

NEW YORK (Reuters) – Federal Reserve Chairman Jerome Powell said Wednesday that central bank forecasts for the path of interest rate cuts don’t imply an urgent process.

“There’s nothing in the (Summary of Economic Projections) that suggest the Committee is in a rush to get this done,” Powell said in reference to how fast the central bank is likely to cut rates. But he added in his press conference following the latest Fed meeting that the data will drive monetary policy choices and rate cuts will happen faster or slower as needed.

 

(Reporting by Michael S. Derby; Editing by Chizu Nomiyama)

 

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