(RTD News Update) Powell says the Fed is ‘strongly committed’ to 2% inflation goal, a sign that rates are likely to hold steady.

in #government4 years ago

With the final 2019 meeting of Federal Reserve #policymakers just two weeks away, Chairman Jerome Powell signaled that interest rates are unlikely to rise anytime soon, saying Monday that the central #bank remains firmly committed to meeting its #inflation goals.

The Fed considers a 2% inflation rate to be a sign of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn. However, inflation has run well below that level for 2019 despite three interest rate cuts over the past four months.

In a speech in Providence, Rhode Island, #Powell expressed a sense of urgency in meeting the inflation part of the Fed’s dual mandate. He said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy.

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