The post BREAKING: After the FED’s Historic Interest Rate Decision, Chair Jerome Powell Makes Remarks on Live Press Conference appeared on BitcoinEthereumNews.com.

After the Fed’s announcement of a 50 basis point interest rate cut, which surprised Wall Street banks, Fed Chairman Jerome Powell held a press conference and answered questions. The majority of Wall Street banks had forecast a 25 basis point cut in the interest rate decision. Here are the most important sections from Jerome Powell’s statements: We focus entirely on our goals. The overall economy is strong and we are committed to maintaining strong economic growth. The economy is generally strong. Our decision today reflects growing confidence that labor market strength can be maintained. The labor market has begun to cool from its previously overheated state. We expect GDP growth to remain strong, according to our forecasts. The Fed can protect the workforce’s strength with policy adjustments. Consumer spending remains resilient. The labor market is not the source of high inflationary pressures. Although inflation has declined significantly, it continues to remain above our target. Longer-term inflation expectations appear well anchored. We have not set any fixed interest rate path and will decide at each meeting. Taking the balance of risks into account, we reduced interest rates by 50 basis points today. Restrictive monetary policy will help restore the balance between supply and demand. Policy adjustments can be made more slowly if the economy remains robust and inflation remains stubborn. If the labor market worsens, we can respond accordingly. It will be adjusted to achieve good results. If the labor market worsens, we can respond accordingly. The policies are fully prepared to deal with the risks. A lot of data has been announced since the last meeting. We believe that a 50 basis point rate cut is the right choice. Indicator revisions suggest that employment may be revised downwards. We are recalibrating our policy stance. There is nothing in our (economic)…

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Filed under: News - @ September 19, 2024 1:14 am