2/1, 9:10 PM (Source: TeleTrader)
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Powell: I don't see rate cuts this year

United States Federal Reserve Chair Jerome Powell remarked on Wednesday during a press conference that he does not see the central bank cutting the key interest rates this year despite the easing in inflation observed recently.

Powell stressed that the Federal Open Market Committee (FOMC) will update its indicators and projections for inflation during its meeting in March but did not make any significant predictions, saying that "certainty is not appropriate here." He noted that the central bank's job is to restore price stability and bring inflation down to the target of 2% while pointing out that that particular figure will "benefit the public for many, many years."

Commenting on what the process of taking inflation from 6.5% to 2% will be like, Powell admitted that "we don't know yet" as it might come down faster or take longer.

Baha Breaking News (BBN) / JR