Jerome H. Powell, the chair of the Federal Reserve, said on Friday that resilient economic growth is giving the central bank the flexibility to be patient before cutting interest rates.
Fed officials raised interest rates sharply from early 2022 to mid-2023, and they have left them at about 5.3 percent since last July.
That relatively high level essentially taps the brakes on the economy, in part by making it expensive to borrow to buy a house or start a business.
The goal is to keep rates high enough, for long enough, to wrestle inflation back under control.
Given that slowdown, officials have been considering when and how much they can cut interest rates this year.
Persons:
Jerome H, Powell
Organizations:
Federal Reserve