Powell dismisses possibility of July rate cut

Odaily News When asked if the Fed is ready to cut interest rates again at its next meeting in July, Fed Chairman Jerome Powell rejected the question during his testimony to Congress. "I don't want to point to a particular meeting. I don't think we need to rush it," Powell said. Republican Rep. Mike Lawler pressed Powell on why the Fed has not chosen to cut interest rates despite cooling inflation, echoing President Trump's criticism of the Fed chairman. (Jinshi)