“There’s nothing in (the summary of economic projections) that suggests the committee is in a rush to do this,” Powell said, referring to how quickly the central bank is likely to cut rates. But he added in his press conference that data from the latest Fed meeting will drive monetary policy choices and that rate cuts will accelerate or slow as needed.
He added that the US central bank is increasingly confident that strength in the job market can be maintained with an “appropriate recalibration” of policy.
“Our economy is strong overall and has made significant progress toward our goals over the past two years.”
Powell said he did not believe the central bank had waited too long to lower its interest rate target, stressing that given the current outlook he did not believe it was overdue to address the need for rate cuts.
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He noted that his patience with monetary policy has been beneficial, contributing to a significant reduction in inflation.
On reducing inflationary pressures, Powell said that while inflation has clearly eased, he is not ready to declare that price pressures have definitively cooled. “We’re not saying mission accomplished or anything like that,” Powell said when it comes to getting inflation back to 2%. “But I have to say we’re encouraged by the progress we’ve made” in bringing inflation back to target, he said.
He added that this situation does not influence his decision to prevent balance sheet runoff, as both balance sheet reductions and potential rate cuts can occur simultaneously, representing different forms of normalization.
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