Fed Chairman Powell: Fed does not need to rush to cut interest rates

Odaily Planet Daily News Federal Reserve Chairman Powell delivered a simple message to Congress as he began two days of hearings in Congress on Tuesday: Because the economy is performing well, the Fed can take its time to decide when and whether to cut interest rates. According to a prepared speech, Powell will tell lawmakers at the Senate Banking Committee: "Given that our current policy stance is less restrictive than before and the economy remains strong, we don't need to rush to adjust our policy stance." Powell also defended last year's rate cuts, calling them necessary adjustments to its policy stance in response to improved inflation and cooling labor market conditions. Looking ahead, he said the Fed may keep interest rates unchanged for longer if inflation does not continue to fall to target levels and the economy remains stable. Powell said the Fed may cut interest rates if the labor market is unexpectedly weak or inflation falls to its 2% target faster than expected. (Jinshi)