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FED: Chair Powell Says Don't Have a Precise Date On Rate Cuts

FED
  • Q: What's your message to Americans who don't feel good about the economy? For those who are waiting for a rate cut, when can consumers expect some relief?
    • A: We don't tell people how they should think or feel about the economy, that's not our job. All I can tell you is the data show an economy that's growing solidly, a very strong labor market, inflation has come down really significantly.
    • Don't have a precise date for you on rate cuts: when we're confident inflation is moving down to 2%, we can look at loosening policy.
  • Q: Re "modest" progress in inflation in the Statement, what has been encouraging to you? How do you see housing inflation?
    • A: Go back a year, there was concern about a recession among some forecasters, but solid growth since then.
    • There's a bulge of high past increase in market rents that has to get worked off, and that may take several years... This is going to happen more slowly than we thought.
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