The United States Federal Reserve Chair Jerome Powell has reiterated that the U.S. recession is not an immediate worry and the apex bank is not in a hurry to cut interest rates.
US Recession, Inflation and Current Data
During an event that was held in San Francisco, Powell acknowledged that the fresh inflation data that was earlier released is in alignment with the Fed’s expectation. At the same time, he talked about how inappropriate it would be to lower rates until there’s a strong believe that inflation is on track toward the projected 2% goal. For Powell, the latest readings are not as negatively outstanding as what policymakers saw in 2023.
“The fact that the US economy is growing at such a solid pace, the fact that the labor market is still very, very strong, gives us the chance to just be a little more confident about inflation coming down before we take the important step of cutting rates,” Powell said on Friday.
Noteworthy, this comes only a few days after the Fed pr
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