Federal Reserve chairman Jerome Powell has poured cold water on hopes of a rate cut in March.
In an interview with TV show ’60 Minutes’, Powell reiterated comments from the press conference last Wednesday, that the FOMC would most likely not begin cutting rates in March.
“The prudent thing to do is…to just give it some time and see that the data confirm that inflation is moving down to 2% in a sustainable way,” Powell said.
Powell emphasised the strength of the economy, underlining a strong jobs market, and saying how the economic pain he forewarned in Jackson Hole in August 2022 may come with the following rate hikes in large parts have not materialised.