Fed Chair Powell says central bank doesn't 'need to be in a hurry' to lower interest rates further

Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to lowering inflation and indicated a cautious approach to lowering interest rates, citing a strong economy and solid labor market. He emphasized the need to balance policy adjustments to avoid hindering progress on inflation or weakening economic activity. Powell’s remarks came during a Senate Banking Committee appearance, with stocks briefly dipping before stabilizing, with a focus on bank supervision rather than monetary policy.

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