Powell says Fed rates are on hold absent material economic deterioration
Federal Reserve Chairman Jerome Powell on Wednesday told Congress that interest rates are on hold absent a material deterioration of the economy.
The Fed has cut interest rates in three quarter-point moves since July, putting the Fed’s benchmark federal funds rate in a range of 1.5%-2%. “We will continue to monitor these developments and assess their implications for U.S. economic activity and inflation,” he said.He warned that the long-term federal budget “is on an unsustainable path.” This might hamstring fiscal policymakers’ willingness and ability to help in any recession, he said.
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