Powell: Caution needed on rate cuts

Federal Reserve Chairman Jerome Powell said at a Chamber of Commerce event in Dallas, Texas that there is no need to rush to cut rates as the economy is strong. According to Crypto Briefing, Powell claimed that the economy is not sending signals such that the Fed needs to rush to lower rates. Instead Powell maintains that the Fed needs to watch carefully to ensure that inflation remains within an acceptable range. The economy is currently giving the Fed room to make a cautious decision to cut rates, he added.