Fed Chair Powell says the US economy is in 'solid shape' with more rate cuts coming
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Federal Reserve Chair Jerome Powell indicated that more interest rate cuts are forthcoming, contingent on economic developments; the Fed's current interest rate is approximately 4.8%; two additional quarter-point cuts are anticipated at meetings in November and December 2024; inflation fell to 2.2% in August, while core inflation rose slightly to 2.7%; unemployment decreased to 4.2%, still above last year's low of 3.4%; hiring has slowed to an average of 116,000 jobs per month; Powell emphasized the Fed's goal is to maintain a healthy economy and job market, not to prevent a recession; the neutral rate is estimated at about 3%; differing views among Fed officials on the pace of rate cuts were noted.
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https://abcnews.go.com/Business/wireStory/fed-chair-powell-us-economy-solid-shape-rate-114360248
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