Fed Chair Powell: No Rate Cuts On Horizon Despite Recent Market Volatility

IconCryptoNewsTerminal Staff13 Jun, 2024

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Fed Chair Powell: No Rate Cuts On Horizon Despite Recent Market Volatility

Jerome Powell, Chairman of the Federal Reserve, stated in his press conference following the Federal Open Market Committee (FOMC) meeting that the central bank "I don't see the inflation that would call for us to cut rates this year." This statement comes amidst recent market volatility and concerns about a potential economic downturn. Powell emphasized that the Fed's focus remains on curbing inflation, which is currently at a 40-year high. The Fed raised interest rates by a quarter-point at the FOMC meeting, marking the first rate increase since 2018. The central bank also indicated that it plans to continue raising rates throughout the year in an effort to bring inflation down to its 2% target. Powell acknowledged that the rate hikes could slow economic growth, but he stressed that the Fed is committed to bringing inflation under control.

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