Biden Predicts Interest Rate Cuts, But Timing Uncertain
• President Biden predicts Federal Reserve will cut interest rates, though can't guarantee timing • Biden said he bets rates will come down more at a speech in Philadelphia • Fed Chair Powell said reducing rates process can begin this year if inflation comes as expected • Powell warned cutting rates too soon could cause damage and require even tighter policy • Cleveland Fed President Mester expects FOMC will move slowly in easing policy to avoid surprising markets