Fed Chief Powell Signals No Rush to Cut Rates Despite Pressure

• Fed Chair Jerome Powell signals the central bank is not in a hurry to cut interest rates despite investors' expectations • Powell says the strong job market is allowing the Fed to wait until inflation moves closer to 2% before cutting rates • The Fed's preferred inflation gauge ticked up to 2.5% in May, but Powell says this is in line with expectations • Powell acknowledges risks of waiting too long to cut rates, but says the economy currently doesn't seem to be suffering from high rates • Powell doesn't see rates falling back to pre-pandemic levels around 2% anytime soon given inflation risks