Fed Chair Powell Signals Rate Cuts Possible Amid Cooling Job Market
Powell emphasizes progress on inflation but notes more data needed before easing monetary policy.
- Powell testifies before Congress, highlighting reduced inflation and a cooling job market.
- The Fed has raised interest rates 11 times since March 2022 to combat inflation.
- Current inflation stands at 2.6%, nearing the Fed's 2% target.
- The unemployment rate has risen to 4.1%, its highest in over two years.
- Investors anticipate a potential rate cut as early as September.
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