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Powell: "Further Rate Cuts to be Determined by Market Conditions and Data"

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JH Kim
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  • Chairman Powell emphasized that monetary policy is more accommodative than initially.
  • He stated that he will closely monitor the conditions of inflation and the labor market for further rate cuts.
  • All interest rate decisions will be based on market data.
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  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

Jerome Powell, Chairman of the Federal Reserve, stated at a press conference following the FOMC on the 29th (local time) that "monetary policy is more accommodative than when we first started working," and "we are focusing on substantial progress in inflation or weakness in the labor market before further rate cuts."

He continued, "We will patiently observe and analyze market conditions," and "all decisions depend on the data."

Additionally, he added, "The Fed is an independent agency that only performs its given tasks," and "there is no need to worry much about the Fed's independence."

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