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 Powell Tells ‘60 Minutes’ Fed Is Wary of Cutting Rates Too Soon
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Federal Reserve Chair Jerome Powell said Americans may have to wait beyond March for the central bank to cut interest rates as officials look for more economic data to confirm that inflation is headed down to 2%. In an interview with CBS’s 60 Minutes, Powell explained the central bank’s rationale for eventual reductions to a broad public audience. He emphasized the need for more time to see if the recent good economic readings are a true indicator of where inflation is heading. Powell stated that the Federal Open Market Committee is unlikely to reach a level of confidence about inflation's path by its March meeting. He also mentioned that policymakers do not factor politics or elections into their policy decisions. The interview provided Powell an opportunity to communicate to a broader audience just days after the Fed's decision to hold interest rates unchanged. Treasuries fell across all maturities in Asia as Powell's comments underscored the likelihood that bond investors had overshot in pricing for rapid rate cuts.

#JeromePowell #FederalReserve #InterestRates #Inflation #EconomicData

https://www.bloomberg.com/news/articles/2024-02-05/powell-tells-60-minutes-fed-likely-to-wait-beyond-march-to-cut