Powell’s speech highlighted the uncertainties surrounding the economy and the complexity of the Fed’s response to it.
. And the U.S. unemployment rate stands exactly where it did when Powell spoke last year: 3.5%, barely above a half-century low.
In his speech, Powell did not mention the possibility that the Fed will eventually cut interest rates. Earlier this year, many on Wall Street had expected rate cuts by early next year. Now, most traders envision no interest rate cuts before mid-2024 at the earliest. must be to slow the economy, “and thus there is always uncertainty” about how effectively the Fed’s policies are in reducing inflation.Specialist Meric Greenbaum works at his post on the floor of the New York Stock Exchange, Friday, Aug. 25, 2023, as Federal Reserve Chair Jerome Powell's speech shows on a television screen. Stocks are holding on to gains after Powell said more rate hikes could be on the way to continue the Fed's fight against inflation.
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