When will the Fed cut rates? Senators are likely to put Jay Powell on the spot when he testifies
Federal Reserve Chair
One of the big questions Powell is expected to face in the
"We think because of strength in the economy and the strength in the labor market and the progress we've made, we can approach that step carefully and thoughtfully and with greater confidence, and when we reach that confidence, the expectation is we will do so sometime this year," Powell responded.
But Powell would not be pinned down on exactly when. First, he wants to see inflation steadily cooling toward the
"We'll see continued growth at a solid pace," he said. "I will say there's no evidence, no reason to think the
Powell noted that it's possible we could have a soft landing, where the Fed's interest rate hikes are just enough to slow the economy and cool inflation without causing a recession.
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