Federal Reserve's official statements and meeting minutes

Powell Asserts Fed Is Not Behind, Highlights 50bps Rate Cut as 'Strong Move'

Sep 18, 2024, 06:47 PM

Federal Reserve Chairman Jerome Powell emphasized that the Fed does not believe it is behind in its monetary policy actions. Speaking on the recent 50 basis points rate cut, Powell stated, 'We don’t think we’re behind. We think this is timely.' He reiterated that the rate cut demonstrates the Fed's commitment to not fall behind in managing the economy. Powell also mentioned that the US economy is in good shape, and the Fed aims to maintain this status. He described the rate cut as a 'strong move' and noted that the Fed is recalibrating its policy to a stance that will be more neutral.