Federal Reserve spokesperson: Powell retains the discretion on the timing of interest rate cuts

ChainCatcher news, according to Jinshi reports, "Fed mouthpiece" Nick Timiraos stated that Federal Reserve Chairman Powell hinted that, given inflation has begun to decline and the labor market shows signs of cooling, the Fed is paying more attention to when to cut interest rates. "High inflation is not the only risk we face," Powell said in remarks prepared for a speech to the Senate Banking Committee on Tuesday morning. Powell noted that the economy has made "considerable progress" in reducing inflation, and the job market looks "strong, but not overheating," similar to pre-pandemic levels. However, he made little change to expectations about when the central bank might begin to cut rates, stating that it would "continue to decide at each meeting."