Posted 3/7/2024, 3:55:08 PM
Powell Acknowledges Risk of Job Losses But Says Rate Cuts Dependent on Inflation Drop
- Fed's Powell says aware of risks to workers from tough policy, but rate cuts depend on inflation falling as expected
- Powell appeared before Senate Banking Committee, pressed on why Fed not quicker to cut rates to prevent job losses
- Powell said Fed "well aware of that risk" but expects continued strong growth and labor market, progress on inflation
- Powell repeated that ongoing progress on lowering inflation is "not assured"
- Powell testified before House Committee on Wednesday as well
