Fed Chair Jerome Powell said it's still too soon to feel confident in cutting interest rates. But he emphasized that the timing for any rate cuts will not have anything to do with the election. The discussion comes after the Fed maintained its interest rate level in its most recent decision in March. While the Federal Open Market Committee forecast three interest rate cuts in December, Powell said on Wednesday that it'll take more data for the Fed to feel confident enough to implement that relief. This story is available exclusively to Business Insider subscribers.

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