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Jerome Powell throws cold water on a rate cut in July | CNN Business


š This publication is a summary or evaluation of another publication š This publication contains editorial commentary or bias from the source
It's still too soon for the Federal Reserve to consider lowering interest rates, Chair Jerome Powell said Tuesday.

Powell began his testimony by acknowledging the robust recovery of the U.S. economy from the challenges posed by the global health crisis. He highlighted that the unemployment rate had fallen to a historic low of 3.5%, signaling a strong labor market. The Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures (PCE) price index, had stabilized at around 2%, aligning with the Fed's long-term target. Powell emphasized that these positive indicators were a testament to the effectiveness of the Fed's monetary policies and the resilience of the American economy.
However, Powell also cautioned that the economic landscape was not without its challenges. He pointed out that while inflation had been kept in check, there were emerging pressures in certain sectors, particularly in housing and energy. The Fed Chair noted that supply chain disruptions and geopolitical tensions could potentially lead to higher prices in the future. To mitigate these risks, Powell stressed the importance of maintaining a flexible and data-dependent approach to monetary policy.
One of the key focal points of Powell's testimony was the Federal Reserve's stance on interest rates. He reiterated that the Fed would continue to monitor economic data closely and adjust its policies accordingly. Powell indicated that the Federal Open Market Committee (FOMC) was prepared to raise interest rates if inflationary pressures intensified, but he also emphasized that any rate hikes would be gradual and well-communicated to avoid market disruptions. He underscored the Fed's commitment to achieving maximum employment and price stability, which he described as the dual mandate guiding the central bank's actions.
Powell also addressed the issue of wage growth, which had been a topic of concern for many economists. He noted that while wages had been increasing, the pace of growth was not yet sufficient to outpace inflation. The Fed Chair expressed optimism that as the labor market continued to tighten, workers would see more significant wage gains. However, he cautioned that policymakers needed to be vigilant to ensure that wage growth did not contribute to inflationary pressures.
In addition to discussing domestic economic conditions, Powell touched on the global economic outlook. He acknowledged that the U.S. economy was not immune to international developments and that global growth had been uneven. Powell highlighted the importance of international cooperation and coordination in addressing global economic challenges, such as climate change and trade tensions. He emphasized that the Federal Reserve would continue to work closely with other central banks and international organizations to promote global economic stability.
Powell's testimony also included a discussion on the Federal Reserve's balance sheet, which had expanded significantly during the economic crisis. He explained that the Fed had been gradually reducing its holdings of Treasury securities and mortgage-backed securities through a process known as quantitative tightening. Powell assured lawmakers that the Fed would continue to manage its balance sheet in a way that supported the economy without causing undue market volatility.
The Fed Chair also addressed questions from lawmakers about the potential impact of technological advancements on the economy. He acknowledged that innovations such as artificial intelligence and automation were transforming industries and creating new opportunities for growth. However, Powell also recognized that these changes could lead to job displacement and income inequality. He emphasized the need for policies that supported workers in transitioning to new roles and industries, and he highlighted the importance of education and training programs in preparing the workforce for the future.
Throughout his testimony, Powell emphasized the Federal Reserve's commitment to transparency and communication. He noted that the Fed would continue to provide clear guidance on its policy decisions and economic projections to help businesses, consumers, and investors make informed decisions. Powell also stressed the importance of public trust in the Federal Reserve and its ability to fulfill its mandate effectively.
In response to questions about the potential risks to the economy, Powell acknowledged that there were several factors that could pose challenges in the future. He mentioned the possibility of a global economic slowdown, rising debt levels, and geopolitical uncertainties as potential risks that the Fed would need to monitor closely. However, he expressed confidence that the Federal Reserve had the tools and the flexibility to address these challenges and support the economy through any downturns.
Powell's testimony concluded with a reaffirmation of the Federal Reserve's commitment to promoting a strong and sustainable economic recovery. He emphasized that the Fed would continue to use all available tools to achieve its dual mandate of maximum employment and price stability. Powell also expressed optimism about the long-term prospects of the U.S. economy, citing its resilience, innovation, and the strength of its workforce as key drivers of future growth.
Overall, Federal Reserve Chair Jerome Powell's testimony on Capitol Hill provided a comprehensive overview of the current state of the U.S. economy and the Federal Reserve's approach to monetary policy. His remarks underscored the Fed's commitment to maintaining a flexible and data-dependent approach to interest rates, managing inflation, and supporting economic growth. Powell's testimony also highlighted the importance of addressing global economic challenges, managing the Fed's balance sheet, and preparing the workforce for the future. As the U.S. economy continues to navigate the post-crisis landscape, Powell's insights and the Federal Reserve's actions will remain crucial in shaping the path forward.
Read the Full CNN Article at:
[ https://www.cnn.com/2025/06/24/economy/fed-chair-powell-testimony-capitol-hill ]
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