Powell says the Fed doesn't need to be 'in a hurry' to reduce interest rates

Federal Reserve Chair Jerome Powell stated that strong U.S. economic growth will allow policymakers to be patient in determining the extent and pace of interest rate cuts, emphasizing the need for careful decision-making. Powell highlighted the current strength of the economy, describing it as the best among major economies worldwide, despite some challenges like storm damage and labor strikes affecting October job growth. He mentioned that the labor market remains robust, with the unemployment rate stabilizing at low levels, indicating a positive outlook for future economic conditions.

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