Powell: Two more rate cuts this year, totaling 50 basis points

Fed Chairman Powell said in a speech at the National Association for Business Economics that the Fed is not in a hurry to cut interest rates quickly. The rate cut process will be carried out gradually "over a period of time". There is no need to rush to act, and decisions will be made based on data. If the economy develops as expected, there will be two more rate cuts this year, with a total of 50 basis points. Before the November meeting, there will be two more employment reports and an inflation report to be released, and all factors will be considered in the interest rate decision in November. (Jinshi)