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Fed's Powell Says Aware of Policy Risks to Workers, but Cuts Depend on Inflation

Thursday, 7 March 2024 23:25 WIB The Fed Jerome Powell Fed Minutes

Federal Reserve Chair Jerome Powell told U.S. lawmakers on Thursday the central bank was "well aware" of the risks its tough monetary policy posed to workers, but said rate cuts would depend on the economy evolving as the Fed expects, with continued lower inflation. Powell, appearing before the Senate Banking Committee, was pressed by the panel's chair, Ohio Democrat Sherrod Brown, on why the Fed was not quicker to cut rates "to prevent workers from losing their jobs." "We're well aware of that risk, of course, and very conscious of avoiding it," Powell said. "If what we expect and what we're seeing - continued strong growth, strong labor market progress in bringing inflation down - if...

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