Federal Reserve Chair Jerome Powell holds a press conference following the release of the Fed's interest rate policy decision at the Federal Reserve in Washington, U.S., January 31, 2024.
Federal Reserve Chair Jerome Powell vowed in an interview aired Sunday that the central bank will proceed carefully with interest rate cuts this year and likely will move at a considerably slower pace than the market expects.
"We want to see more evidence that inflation is moving sustainably down to 2%," Powell added.
We just want some more confidence before we take that very important step of beginning to cut interest rates."
Powell was broadly optimistic about the economy, noting that inflation, while still above the Fed's target, has moderated while the jobs market is strong.
Persons:
Jerome Powell, Powell, wouldn't, Scott Pelley, payrolls, hasn't, haven't
Organizations:
Federal Reserve, Federal, CBS, Labor Department
Locations:
Washington , U.S, Jackson Hole , Wyoming