Fed Chair Powell states US has made progress in reducing inflation, closely monitoring data before deciding on interest rates.
Federal Reserve Chair Jerome Powell said the US has "made significant progress" in reducing inflation, with signs of resuming a disinflationary trend. The Fed is closely monitoring inflation data and labor market conditions before deciding on lowering interest rates, currently set at 5.3%. Powell emphasized the importance of gathering more data and taking their time to ensure accuracy in decision-making.
July 02, 2024
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