Powell: Fed doesn't need to 'rush' to cut rates

Odaily News Federal Reserve Chairman Powell said that due to the strong US economy, the Fed does not need to "rush" to lower interest rates, and the Fed will "watch carefully" to ensure that certain inflation indicators remain within acceptable ranges. Powell reiterated that the Fed's policy rate path will depend on upcoming data and the evolution of the economic outlook. He said that inflation is approaching the Fed's 2% target, but has not yet reached it. The Fed will pay close attention to core indicators of inflation for goods and services excluding housing, which have been declining over the past two years. "We expect these indicators to continue to fluctuate in the recent range, and the road to the Fed's 2% target will be bumpy at times." (Jinshi)