'We have time to let the incoming data guide our decisions,' Powell said.
Federal Reserve Bank Chair Jerome Powell speaks during the Stanford Business, Government and Society Forum at Stanford University, April 3, 2024, in Stanford, Calif.Addressing a business conference at Stanford University, Powell touted progress in the fight to cool price increases while acknowledging that such headway had stalled in recent months.
Inflation has fallen significantly from a peak of 9.1% but it remains more than a percentage point higher than the Fed's target rate of 2%.to keep rates highly elevated. The Fed Funds rate remains between 5.25% and 5.5%, matching its highest level since 2001. He added, “As conditions evolve, monetary policy is well prepared to confront either of these risks.”
But the Fed risks a rebound of inflation if it cuts interest rates too quickly, since stronger consumer demand on top of solid economic activity could lead to an acceleration of price increases.The U.S. added 275,000 jobs in February, surpassing predictions of about 200,000 jobs added, but marking a substantial decline from the hiring of roughly 350,000 workers in January, according to BLS data.Attitudes about the economy have improved in recent months.
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