Jai Hamid
Jerome Powell, the man in charge of the Federal Reserve, has addressed the public directly moments after his decision to slash interest rates by 50 basis points.
At the post-FOMC presser, Powell told us that he trust the decision he made, and that it wasn’t because the economy is doing worse than economists think.
He reiterated what he has been saying for months, which is that the policy committee will continue making its decisions meeting by meeting.
Powell added that his entire team supported the decision. He also addressed the possibility of more cuts. According to him, most in the committee are also all for the idea of 2 or 3 more cuts before 2024 runs out.
He declined to give a specific timeline or even pace of the incoming cuts though.
This is a developing story
