Fed's Powell says current interest rate is close to neutral

Federal Reserve Chairman Powell stated at a press conference on April 29 that current monetary policy may be in a range that has a neutral effect on the economy. He explained that he believes the Fed is very close to the neutral interest rate, which could be in the 3% to 4% range. The current federal funds rate target is 3.5% to 3.75%. Powell added that the Fed would signal its intentions before raising rates if necessary, and vice versa.