U.S. Federal Reserve chairman Jerome Powell said Wednesday, that the central bank will cut rates “when and as” they are needed.
Powell made the comments at a House Financial Services Committee hearing, amid comments that a September rate cut could be seen as a political act ahead of the November presidential election.
The Fed chair stressed that rate cut decisions are made by analyzing data, and “the evolving outlook and the balance of risks”, and not other factors.
Meanwhile, Powell said while he believes inflation is receding, he isn’t yet confident that the price gains are slowing to the U.S. Fed’s target of 2 percent.
He added that “more good data” would raise the central bank’s confidence in reaching the target inflation.
Source : Arirang TV, https://www.arirang.com/news/view?id=273129
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