Fed spokesperson: Powell reserves the right to choose when to cut interest rates

Nick Timiraos, the "Fed mouthpiece", said that Fed Chairman Powell hinted that the Fed is paying more attention to when to cut interest rates, given that inflation has resumed its decline and the labor market shows signs of cooling. "High inflation is not the only risk we face," Powell said in a speech prepared for delivery to the Senate Banking Committee on Tuesday morning. Powell said the economy has made "considerable progress" in reducing inflation and the job market looks as "strong, but not overheated" as it did before the epidemic. But he made little change to his expectations for when the central bank might start cutting interest rates and will "continue to decide on a meeting-by-meeting basis." (Jinshi)