The post Breaking News: FED Chair Jerome Powell Speaks After Interest Rate Decision – Here Are All The Highlights – LIVE appeared on BitcoinEthereumNews.com.

At 21:00, the FED left interest rates constant, as expected. Now, FED President Jerome Powell is holding a press conference. Here are the most important excerpts from Powell’s statement: We have made significant progress on both goals in the last 2 years. We are determined to return inflation to the 2% target. We maintain our restrictive stance. The pace of spending has slowed but remains robust. Latest indicators show that the economy continues to expand at a solid pace. Long-term inflation expectations appear well-anchored. We need more confidence about inflation. Second quarter inflation data increased our confidence. More good data will further strengthen trust. Interest rate cuts may come to the agenda at the September meeting. We will carefully evaluate the incoming data for our future decisions. Cutting interest rates too late could unnecessarily weaken the economy. I can imagine a scenario of zero to several discounts this year, depending on how the economy develops. We want to see more good data to gain more confidence. We just need to see more good data. The road ahead will depend on the economy. The FED has hinted that it may start lowering interest rates from mid-September, given the decline in inflation and cooling trends in the labor market. A new report published on Wednesday provided new evidence that wage growth is slowing, strengthening the argument for a potential rate cut. Low interest rates will reduce borrowing costs for mortgages, credit cards and auto loans, while also supporting growth in the stock market. After the two-day meeting, the FED issued a statement indicating that inflation was easing and expressed increasing concerns about the weakening employment market. In the statement, it was noted that “inflation has eased over the past year, but remained somewhat high” and it was emphasized that “some further progress”…

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Filed under: News - @ August 1, 2024 2:16 pm