WASHINGTON — Federal Reserve Chair Jerome Powell on Friday reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it won't be ready to do so until it sees “more good inflation readings’’ and is more confident that annual price increases are falling toward its 2% target.
Forecasters had expected higher rates to send the United States tumbling into recession. Instead, the economy just kept growing — expanding at an annual rate of 2% or more for six straight quarters. The job market, too, has remained strong. The unemployment rate has come in below 4% for more than two years, longest such streak since the 1960s.
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Source: Loan Digest (loandigest.net)
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