Interest Rate Cuts Not On Feds Table Right Now

The chairman of the Federal Reserve is going to hold interest rates were they are for now.

Jerome Powell spoke at an economics forum in Washington D.C. on Tuesday April 16th 2024, and indicated  he won’t be cutting interest rates in May of 2024.

Powell says  “The recent data have clearly not given us greater confidence, and there has been a “lack of progress” on inflation so far this year.”

Powell says higher interest rates should remain as the Fed continues to try to get inflation down to two-percent.

Interest rates have remained at their highest level in more than two decades since July of 2023, when the Federal Reserve began a steady string of rate hikes.

Economy graph: green rising arrow and dollar bills.

Photo from Alpha Media Portland OR