WASHINGTON—Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline but suggested they would occur at a measured pace intended to support a still-healthy economy.
Federal Reserve Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington on Sept. 18, 2024.
“We’re looking at it as a process that will play out over some time,” Powell said during a question and answer session, referring to the Fed’s interest rate reductions, “not something that we need to go fast on. It’ll depend on the data, the speed at which we actually go.” “If the economy performs as expected, that would mean two more cuts this year,” both by a quarter-point, Powell said.
Powell emphasized that the Fed’s current goal is to support a largely healthy economy and job market, rather than rescue a struggling economy or prevent a recession. The unemployment rate, meanwhile, ticked down last month to 4.2 percent, from 4.3 percent, but is still nearly a full percentage point higher than the half-century low of 3.4 percent it reached last year. Hiring has slowed to an average of just 116,000 jobs a month in the past three month, about half its pace a year ago.
Since the Fed’s rate cut, many policymakers have given speeches and interviews, with some clearly supporting further rapid cuts and others taking a more cautious approach.
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