"We believe that monetary policy is in a good place," Fed Chair Jerome Powell said in a news conference(pic) after the U.S. central bank announced its decision to cut its key overnight lending rate by a quarter of a percentage point to a target range of between 1.50% and 1.75%.
WASHINGTON: Federal Reserve Chairman Jerome Powell told lawmakers the central bank saw little need to cut interest rates further after making three reductions since July.
“We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, a strong labor market” and stable inflation, Mr. Powell told Congress’s Joint Economic Committee on Wednesday.
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