Powell: Fed doesn't need to 'rush' to cut rates

Fed Chairman Powell said that due to the strong US economy, the Fed does not need to "rush" to lower interest rates, and the Fed will "watch carefully" to ensure that certain inflation indicators remain within acceptable ranges. Powell reiterated that the Fed's policy rate path will depend on the upcoming data and the evolution of the economic outlook. He said that the inflation rate is approaching the Fed's 2% target, but has not yet reached it. The Fed will pay close attention to core indicators of goods and services inflation, excluding housing, which have been declining over the past two years. "We expect these indicators to continue to fluctuate in the recent range, and the road to the Fed's 2% target will sometimes be bumpy." (Jinshi)