Reported 12 months ago
Federal Reserve Chairman Powell attended the annual European Central Bank forum on July 2, 2024, emphasizing that the timing of the first rate cut depends on data, with the need for more evidence of inflation easing towards the 2% target before starting cuts. Powell stated that despite significant progress in combating inflation, more confidence is required for rate cuts, and data indicating recent inflation slowdown is necessary. The forum discussed monetary policy in times of transition, with Fed's next meeting expected to maintain rates as the market interprets a higher probability of rate cuts in the latter half of 2024 based on PCE growth trends.
Source: YAHOO