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☆ 'No victory lap yet' for President Biden, still more work to do on economy, says CEA chair Bernstein
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'No victory lap yet' for President Biden, still more work to do on economy, says CEA chair BernsteinJared Bernstein, chairman of Council of Economic Advisors, joins CNBC's 'Money Movers' to discuss expectations for President Biden's visit to the Economic Club of Washington DC, reactions to the Federal Reserve's interest rate cut, and more.

Persons: Biden, Bernstein Jared Bernstein, Biden's Organizations: of Economic Advisors, Economic, of Washington DC

☆ President Biden: Our work on inflation is far from done
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Biden: Our work on inflation is far from donePresident Joe Biden delivers remarks at the Economic Club of Washington, D.C.

Persons: Biden, Joe Biden Organizations: Economic, of Washington Locations: of Washington ,

☆ Biden claims he's 'never once spoken' to Powell as president, but they met in Oval Office in 2022
▼ + stars: | 2024-09-19 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +3 min

Chairman of the Federal Reserve Jerome Powell (left) meets with President Joe Biden in the Oval Office on May 31, 2022. President Joe Biden on Thursday said he had "never once spoken" to Federal Reserve Chair Jerome Powell while he was president. "The president was saying that he has not spoken to Chair Powell about interest rates," said Bernstein. Even in his 2022 Oval Office meeting with Powell, Biden stressed the importance of the Fed's independence in addressing inflation. Respect the Fed's independence," Biden said at the time.

Persons: Jerome Powell, Joe Biden, Janet Yellen, Biden, I've, Jared Bernstein, Powell, Bernstein, Donald Trump, Trump Organizations: Federal, Treasury, Economic, of Washington, of Washington , D.C, Fed, Republican, Federal Reserve, Street Journal, White Locations: of Washington ,

☆ Watch: Biden delivers remarks at the Economic Club of Washington, D.C.
▼ + stars: | 2024-09-19 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 1:15 p.m. Please refresh the page if you do not see a player above at that time.] President Joe Biden is speaking at the Economic Club of Washington, D.C., on Thursday, where he is expected to celebrate falling inflation and interest rates. The president's remarks come the day after the Federal Reserve announced its decision to cut interest rates by a surprisingly aggressive 50 basis points. "The declines in inflation and interest rates are welcome, but no one's declaring victory," National Economic Council Director Lael Brainard told reporters ahead of Biden's remarks.

Persons: Joe Biden, Lael Brainard, Biden's Organizations: Economic, of Washington, of Washington , D.C, Federal Reserve Locations: of Washington ,

☆ Transportation Secretary Pete Buttigieg on the economy, potential U.S. port strike and Boeing strike
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTransportation Secretary Pete Buttigieg on the economy, potential U.S. port strike and Boeing strikeTransportation Secretary Pete Buttigieg joins 'Squawk Box' to discuss President Biden's speech at the Economic Club in Washington today, state of the economy, possible dockworker strike at key U.S. ports, state of the Boeing strike, and more.

Persons: Pete Buttigieg, Biden's Organizations: Email, Boeing, Economic Club Locations: Washington

☆ The Fed’s long-awaited rate cut is colliding with presidential politics
▼ + stars: | 2024-09-18 | by ( Kayla Tausche | ) edition.cnn.com time to read: +7 min

Vice President Kamala Harris called the rate cut “welcome news,” while former President Donald Trump suggested, without evidence, that the decision could be politically motivated. With less than 50 days until Election Day, another question has emerged: Will the rate cut matter to voters? In fact, they already have – mortgages are based on bond yields, which have fallen in recent weeks in anticipation of a rate cut. Harris responded to the rate cut by saying she’s focused on bringing down prices. This story has been updated with reaction to the Fed’s rate cut announcement.

Persons: Biden, Joe Biden, Ukraine —, ’, —, “, ” Biden, Kamala Harris, ”, Donald Trump, Zoila Sanchez, CNN’s John King, ” Sanchez, King, ” Homebuyers, Powell, Jason Furman, Barack Obama’s, “ It’s, ” Furman, George H, Bush, Bill Clinton’s “, –, Clinton, Aaron Klein, ” Klein, Harris, she’s, Trump, they’re, ” Trump, Steve Moore, Powell sanctimoniously, ” Moore, ” Powell, Moore Organizations: CNN, Reserve, White House, Economic, of Washington, Financial, St, Louis Federal Reserve, Brookings Institution, “, Biden, Fed, SPAN Locations: trillions, Ukraine, Nevada, New York

☆ Harris wants to limit child care costs to 7% of family income
▼ + stars: | 2024-09-18 | by ( Tami Luhby | ) edition.cnn.com time to read: +5 min

Harris responded that she’d cap child care costs at 7% of working families’ income, following the Biden administration playbook that she was heavily involved in writing. “My plan is that no family, no working family, should pay more than 7% of their household income in child care,” Harris said Tuesday at a National Association of Black Journalists event, noting that steep child care expenses make it difficult for many parents to work. Child care advocates were buoyed by Harris’ answer on Tuesday. Parents with two kids in a child care center paid on average at least twice as much for that care as they did for the typical rent in 11 states and the District of Columbia in 2023, according to a Child Care Aware of America report released in May. That equates to 10% of median household income for a married couple with children and 32% of median income for a single parent with children, Child Care Aware found.

Persons: Donald Trump, Sen, JD Vance, Kamala Harris, Harris, Biden, playbook, ” Harris, Joe Biden’s, ”, Harris ’, Melissa Boteach, ” Boteach, Trump, Vance, Charlie Kirk, you’re Organizations: CNN, National Association of Black Journalists, Congressional, Office, Department of Health, Human Services, National Women’s Law, District of Columbia, Nationwide, Economic, of New Locations: trillions, of New York, Arizona

☆ The US is considering a sovereign wealth fund. Alaska already has one, and it's funding a universal basic income.
▼ + stars: | 2024-09-14 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Read previewBipartisan momentum is building around a sovereign wealth fund that could help the United States reduce its national debt or fund ambitious projects. And former President Donald Trump recently called for a similar state-owned investment fund to finance "great national endeavors" during a campaign stop at the Economic Club of New York. AdvertisementAlaska's fund offers benefits that mimic a universal basic income — a no-strings-attached, recurring payment distributed to people regardless of socioeconomic status. Federal lawmakers likely see a sovereign wealth fund serving a different purpose, like supporting industries or financing supply chain initiatives. Sovereign wealth funds — like Alaska's or Norway's Government Pension Fund Global, which is the largest in the world — are often funded by wealth generated from state-owned natural resources.

Persons: —, Joe Biden's, Donald Trump, Sarah Cowan, Winston Ma, Hunt, Ma Organizations: Service, White, Economic, of New, Business, Alaska Permanent Fund, NYU, Unicorns, Fund Locations: United States, of New York, American, Alaska

☆ Fact check: Harris campaign social media account has repeatedly deceived with misleading edits and captions
▼ + stars: | 2024-09-14 | by ( Daniel Dale | ) edition.cnn.com time to read: +17 min

Washington CNN —A social media account run by Vice President Kamala Harris’ campaign has been repeatedly deceptive. But the account, which the Harris campaign calls its “official rapid response page,” has itself made inaccurate comments on multiple occasions. The Harris campaign declined to comment on this @KamalaHQ post. The Harris campaign defended this @KamalaHQ post by arguing that “Trump’s entire platform is about embracing ‘tough’ policy of the past” on various subjects. The very next day, the Harris campaign used the @KamalaHQ account to tout her own popularity among chief executives.

Persons: Kamala Harris ’, Donald Trump, Harris, Trump, ”, “ Trump, “ Donald Trump, Kamala Harris, “, —, Charlottesville counterprotester Heather Heyer, David Muir, Muir, Sean Hannity, Laura Ingraham, Jesse, Watters, Greg Gutfeld —, Vance, Sen, JD Vance, Trump’s, Barack Obama, it’s, doesn’t, you’ll, “ Vance, William Martin, Martin, Vance “, JD Vance ”, Sally Smith, “ Smith, ’, Jack Posobiec, Posobiec Organizations: Washington CNN, Trump, ABC News, Fox News, ”, Department of Veterans Affairs, Marine Corps, of Veterans Affairs, Heritage Foundation, Republican, Social Security, of New, International Association of Fire Fighters, “ Trump, Trump loyalists Locations: Wilkes, Barre , Pennsylvania, North Carolina, Pennsylvania, ‘ Pennsylvania, Arizona, Tucson, Charlottesville, California, Your, of New York, America, ”

☆ Jamie Dimon says 'the worst outcome is stagflation,' a scenario he's not taking off the table
▼ + stars: | 2024-09-10 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York in Manhattan in New York City, U.S., April 23, 2024. JPMorgan Chase CEO Jamie Dimon said Tuesday he wouldn't rule out stagflation, even with greater confidence recently that inflation is coming off its highs. "I would say the worst outcome is stagflation — recession, higher inflation," Dimon said at a fall conference from the Council of Institutional Investors in Brooklyn, New York. "And by the way, I wouldn't take it off the table." In August, he said the odds of a "soft landing" were around 35% to 40%, implying a recession is the more likely outcome.

Persons: Jamie Dimon, JPMorgan Chase, Dimon Organizations: JPMorgan Chase & Co, Economic, of New, JPMorgan, of Institutional Investors Locations: of New York, Manhattan, New York City, U.S, Brooklyn , New York

☆ Clean energy sector looks to create even more jobs after the election — regardless of who wins
▼ + stars: | 2024-09-10 | by ( Kate Rogers | In Katerog | ) www.cnbc.com time to read: +5 min

While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing. The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to EESI. The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report. Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy sector jobs. One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.

Persons: — it's, it's, Daniel Bresette, there's, Biden, Kamala Harris, Donald Trump, Nicole Bulgarino, Caroline Leilani Stevenson, Stevenson, Harris, Trump, Joe Biden Organizations: Energy, Environmental, Energy Study Institute, . Energy, Science, Department of Energy, Trump, Ameresco, Department of Defense, Green, Deal, CNN, White, Green New, Economic, of New Locations: U.S, Europe, Ameresco, Honolulu, Maui, New York, of New York

☆ Trump and Biden agree: The US should finally start a sovereign wealth fund
▼ + stars: | 2024-09-08 | by ( Lakshmi Varanasi | Katie Balevic | ) www.businessinsider.com time to read: +5 min

So it is noteworthy that Democratic and Republican leaders both appear to want to establish a sovereign wealth fund to help the United States pay for stuff. Saudi Arabia's Public Investment Fund, which manages about $925 billion in assets, reported a $36.8 billion profit for 2023, according to Reuters. This isn't the first time Washington has toyed with the idea of a sovereign wealth fund. Last March, a group of bipartisan lawmakers led by Sen. Angus King and Sen. Bill Cassidy began discussing a sovereign wealth fund to pay for Social Security. The White House's interest in a sovereign wealth fund stems partly from its desire to compete with China, which has multiple state-owned funds itself.

Persons: —, Joe Biden, Jake Sullivan, Daleep Singh, Biden, Donald Trump, LIV Golf, Sen, Angus King, Bill Cassidy, Mitt Romney, John Paulson, Larry Summers Organizations: Service, Democratic, Republican, National, Bloomberg, Business, White, Economic, of New, Fund, Reuters, Norges Bank Investment Management, Saudi Arabia's Public Investment Fund, Blackstone, LIV, Social Security, America, Bloomberg Television Locations: United States, of New York, Saudi Arabia, Norway, Norway's, PIF, Heathrow, American, Washington, China

☆ US employers have good reasons not to hire more workers now
▼ + stars: | 2024-09-08 | by ( Bryan Mena | Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s because employers might be putting some of their hiring plans on hold — and for good reason. Businesses consider many factors when deciding to hire, but across a wide spectrum of industries, the economic outlook carries always great deal of weight. Both those factors are prompting employers to think twice about hiring more workers now, according to economists and recent comments from businesses around the country. But she’s proposing raising the corporate tax rate to 28%. So when interest rates are as elevated as they are right now, monthly debt payments could be too costly for many firms.

Persons: there’s, ” Kathy Bostjancic, Reserve Banks, Kamala Harris, Donald Trump, Trump, Harris, ”, Sean Snaith, Julia Pollak, ZipRecruiter’s, ” Pollak, “ It’s, Pollak Organizations: CNN, Labor Department, Federal Reserve, Nationwide, “, Reserve, Trump, America, Economic, of New, Institute for Economic, University of Central, Fed, Treasury Locations: China, of New York, University of Central Florida

According to the Bureau of Labor Statistics, the share of Americans who were absent from work because of child care difficulties matched the all-time record for August. At the same time, employment in child care services has not been nearly enough to match the demand, according to Julia Pollak, chief economist at ZipRecruiter, who highlighted the statistic in a note following Friday’s job report. The issue largely stems from the havoc created by the pandemic, which prompted many child care facilities to shut down, Pollak said. Consumer payments for child care are up at least 32% since 2019, a recent Bank of America study found. Child care advocates say that almost 10% of the state’s day care sites or home-based programs have shuttered since the pandemic.

Persons: Donald Trump, Sen, JD Vance, Vance, Kamala Harris, Julia Pollak, Natalia Lebedinskaia, ” Pollak, Pollak, “, ”, Trump, Ohio, Charlie Kirk, he’d, Harris, ” Vance, Tim Walz, Hannah Anderson, Kirk, Vance “, ” Anderson Organizations: Bureau of Labor Statistics, GOP, Child Care, NBC News, of America, BLS, Economic, of New, Minnesota Gov, Economic Policy Institute Locations: Ohio, of New York, United States, Georgia

☆ If elected, Trump plans to ban mortgages for undocumented immigrants
▼ + stars: | 2024-09-06 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

CNN —Former President Donald Trump plans to ban mortgages for undocumented immigrants, he said in a speech at the Economic Club of New York on Thursday. Trump claimed the measure would help address housing affordability because a “flood” of people entering the country illegally are pushing up housing costs, but undocumented immigrants only make up a tiny portion of the mortgage market. It’s often very difficult for undocumented immigrants to obtain home loans, even though the USA Patriot Act of 2021 allowed banks to accept ITINs as a form of identification. He also said falling interest rates will send mortgage rates down to 3% or even lower, which will make financing less expensive for homebuyers. Trump’s broader views on undocumented immigrants — and his insistence that he would deport millions of them — could also hamper the push to lower home prices.

Persons: Donald Trump, Trump, — Organizations: CNN, Economic, of New, Urban Institute, Social Security, USA Locations: of New York

☆ Watch: Donald Trump delivers remarks at the Economic Club of New York
▼ + stars: | 2024-09-05 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 12:00 p.m. Please refresh the page if you do not see a player above at that time.] Former President Donald Trump is addressing the Economic Club of New York as he sharpens his policy pitch in the final months of the 2024 presidential election. The Republican nominee's remarks come after a series of economic policy proposals from his opponent, Vice President Kamala Harris.

Persons: Donald Trump, Republican nominee's, Kamala Harris Organizations: Economic, of New, Republican Locations: of New York

☆ The Trump policy that freaks out economists the most
▼ + stars: | 2024-09-05 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

New York CNN —Former President Donald Trump wants to spend trillions of dollars on tax cuts. “It’s enormously protectionist and terrible economic policy,” said Holtz-Eakin, who served as an economic adviser to former President George H.W. The cost of the Trump tax cutsTrump has called for extending his signature 2017 tax cuts, which expire next year if no action is taken by Congress. Trump has argued that extending the tax cuts will boost the economy, create jobs and help families. The Trump campaign has not detailed significant spending cuts or tax hikes to offset these tax cuts.

Persons: Donald Trump, Trump, Goldman Sachs, Kamala Harris, Goldman, “, ” David Kelly, Kelly, “ It’s, ”, ’ Trump, Douglas Holtz, Eakin, Holtz, George H.W, Bush, GOP Sen, John McCain, Mark Zandi, ” Zandi, Karoline Leavitt, they’ll, ” Leavitt, Trump’s, ” Harris, “ Donald Trump, ” Brian Nelson, Harris, Kimberly Clausing, Mary Lovely, ” Trump, Joe Biden, Penn, Penn Wharton, The Trump, CNN’s Katie Lobosco Organizations: New, New York CNN, Asset Management, CNN, America, New York Economic Club, American, GOP, Moody’s, Trump, Peterson Institute for International Economics, Peterson Institute, US Customs, Louis Federal Reserve, Biden, Congress, Princeton University, University of Chicago, Harvard University, US Treasury Department, Penn Wharton Model, Social Security Locations: New York, United States, China, America

☆ Trump adopts Elon Musk plan for government reform, lays out economic blueprint ahead of debate with Harris
▼ + stars: | 2024-09-05 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Former President Donald Trump and GOP Presidential Nominee speaking at the New York Economic Club in New York on Sept. 5, 2024. He added that Musk could be a "good one" to lead the commission "if he has the time." Hughes added that details on how the efficiency commission would be staffed and operated are yet to come. But Musk has repeatedly raised his hand to helm such a commission: "I look forward to serving America if the opportunity arises. The government efficiency commission plan also gives Trump a concrete proposal to attach to his attacks on what he sees as frivolous spending in the Biden-Harris administration.

Persons: Donald Trump, Elon, Harris, Trump, Brian Hughes, Hughes, Musk Organizations: New York Economic, Tesla, Biden, Economic, of New, Trump Locations: New York, of New York, America

☆ Treasury yields tick higher as markets digest comments by Fed officials
▼ + stars: | 2024-07-18 | by ( Katrina Bishop | ) www.cnbc.com time to read: +2 min

The yield on the 10-year Treasury was trading around 4.1672% at 2:20 a.m. The yield on the 2-year Treasury was also 2 basis points higher at 4.4524%. U.S. Treasury yields moved higher on Thursday as investors digested a range of comments by Federal Reserve officials and what they could mean for interest rates. It comes as traders increasingly bet on a September interest rate cut by the Federal Reserve, with a reduction in July now seen as highly unlikely. Earlier this week, Federal Reserve Chair Jerome Powell said interest rates would likely be cut before inflation reaches 2%.

Persons: Christopher Waller, John Williams, Thomas Barkin, Jerome Powell, you've, Powell, Dow Jones, —, Jeff Cox Organizations: Treasury, U.S, Federal Reserve, Federal, York Fed, Wall Street Journal, Richmond Fed, Deutsche Bank, Economic, of Washington D.C

☆ Dollar drifts as Powell comments bring September rate cut in focus
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell slightly on Monday after comments from Federal Reserve Chair Jerome Powell, while cryptocurrencies rose on bets that an assassination attempt on former President Donald Trump lifted his reelection chances. The dollar hung around five-week lows on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September, while cryptocurrencies gained on rising odds of former President Donald Trump getting reelected. The comments, likely Powell's last until his press conference following the Fed's July 30-31 meeting, shifted rate cut expectations. Markets are now anticipating 68 basis points of easing this year, with a rate cut in September fully priced in, CME FedWatch tool showed. "Markets may need to wait longer for the confirmation of their September rate cut hopes, and growth and labor data will be on the radar such as retail sales today."

Persons: Jerome Powell, Donald Trump, cryptocurrencies, Powell, We've, Charu Chanana, Trump, Gary Gensler, Chris Weston Organizations: Federal, Economic, of Washington, Saxo, Traders, Bank of Japan, Republican, cryptocurrency, San, SEC, New Zealand Locations: Tokyo, San Francisco

☆ Fed Chair Powell: The central bank will not wait until inflation hits 2% to cut interest rates
▼ + stars: | 2024-07-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: The central bank will not wait until inflation hits 2% to cut interest ratesFed Chair Jerome Powell speaks at the Economic Club of Washington D.C.

Persons: Powell, Jerome Powell Organizations: Economic, of Washington D.C

☆ Watch Fed Chair Jerome Powell's remarks on interest rate policy and the economy
▼ + stars: | 2024-07-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Federal Reserve Chair Jerome Powell is set to address the Economic Club of Washington, D.C., on Monday as traders look for hints about when the central bank will cut interest rates. Powell will partake in a discussion with David Rubenstein, chairman of the Economic Club and co-founder of The Carlyle Group. These will be Powell's first remarks since Thursday's consumer price index report, which showed that prices went down in June on a monthly basis. He also said the central bank did not need to wait for inflation to actually reach its 2% target before cutting rates. The Federal Reserve has a policy meeting at the end of July, but a rate cut is seen unlikely at that time.

Persons: Jerome Powell, Powell, David Rubenstein Organizations: Economic, of Washington, of Washington , D.C, Economic Club, The, Group, Capitol, Fed, Federal, Traders Locations: of Washington ,

☆ Fed’s Powell Welcomes Cooler Inflation but Steers Clear of Rate Cut Timing
▼ + stars: | 2024-07-15 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Jerome H. Powell, the chair of the Federal Reserve, avoided sending a clear signal about when the central bank would begin to cut interest rates even as he welcomed a recent cool-down in inflation. “Today I’m not going to be sending any signals one way or the other on any particular meeting,” Mr. Powell said while speaking at the Economic Club of Washington on Monday. “Just to ruin the fun right at the beginning.”The Fed’s chair was speaking after several inflation reports in a row suggested that price increases were moderating in earnest, a development that had spurred some economists to think that it could make sense for officials to cut interest rates sooner rather than later. The Fed meets at the end of July and then again in September, and investors have been largely expecting that officials will begin to lower borrowing costs at the September meeting. Economists at Goldman Sachs wrote in a research note on Monday that cutting rates this month could be appropriate, given how much inflation had come down.

Persons: Jerome H, Powell, I’m, ” Mr, “, Goldman Sachs Organizations: Federal Reserve, Economic, of Washington, Fed, Goldman

☆ Powell: Fed pandemic policies 'will stand up well in history'
▼ + stars: | 2024-07-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPowell: Fed pandemic policies 'will stand up well in history'Fed Chair Jerome Powell speaks at the Economic Club of Washington D.C.

Persons: Powell, Jerome Powell Organizations: Economic, of Washington D.C

☆ Powell indicates Fed won't wait until inflation is down to 2% before cutting rates
▼ + stars: | 2024-07-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut interest rates. Speaking at the Economic Club of Washington D.C., Powell referenced the idea that central bank policy works with "long and variable lags" to explain why the Fed wouldn't wait for its target to be hit. Instead, the central bank is looking for "greater confidence" that inflation will return to the 2% level, Powell said. "What increases that confidence in that is more good inflation data, and lately here we have been getting some of that," he said. Powell said at the top of his appearance that he was not intending to make any signals about when the Fed might start to cut interest rates.

Persons: Jerome Powell, Powell, you've, Powell's Organizations: Economic, of Washington D.C

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