Federal Reserve Chair Powell Discusses Lack of Support for Larger Rate Cut

According to BlockBeats, Federal Reserve Chair Jerome Powell stated that there is no widespread support for a larger rate cut of 50 basis points during this week's meeting. Previously, the Federal Reserve reduced rates by 25 basis points. Powell emphasized in a press conference that there is no broad backing for a 50 basis point reduction at this time. He noted that in the past five years, significant rate increases and decreases have occurred when policy was clearly misaligned and required swift adjustment to new levels.