Inflation isn’t the only thing the Fed is watching as it mulls when to begin cutting interest rates.
Inflation has come a long way since reaching a four-decade peak two years ago, Fed eral Reserve Chair Jerome Powell said Tuesday. However, central bank officials still want to see more progress before cutting interest rates, he noted, though they are also keeping a close eye on the job market.
The gap between job openings and the number of unemployed people seeking work, a measure of how tight the labor market is, has narrowed markedly over the past year.Powell expressed throughout the hearing that the Fed is fully aware that it is dealing with “two-sided risks” — one is of inflation heating back up because the central bank cut rates too soon, and the other is of the labor market weakening sharply because the Fed waited too long to cut rates.
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