The Federal Reserve raised interest rates by a quarter of a percentage point, bringing the benchmark funds rate to 5% to 5.25%. In his press conference, however, Chair Jerome Powell noted that the policy-setting committee thinks it will take time for inflation to come down and it would not be appropriate to cut rates. If Federal Reserve members are correct, it may take some time for rate cuts to seem believable, said Chair Jerome Powell. The initial signs of weakness in the labor market suggest that the path to a “soft landing” for the U.S. economy is not off the table, Fed Chair Jerome Powell said.
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