Regarding future interest rate cuts, Federal Reserve Chairman Jerome Powell said, ``There is no need to rush to cut interest rates, and we can wait until we have more confidence that the rate of inflation will fall sustainably to 2%.'' ``There is no need to rush to cut interest rates until we are sure that inflation has come under control,'' he said.
Federal Reserve Chairman Jerome Powell attended an event in San Francisco on the 29th.
Prior to this, the US Department of Commerce announced that last month's PCE (Personal Consumption Expenditure Price Index), which excludes energy and food, which have large price fluctuations, rose by 2.8% compared to the same month last year. It was announced that the index had decreased by 0.1 points from the previous month.
Regarding this, Chairman Powell said, ``It's pretty much what we expected. It's good to see results that are in line with our expectations.''
Chairman Powell also acknowledged that the decision to begin lowering interest rates is a very important one and carries risks.
He added, ``There is no need to rush to cut interest rates; we can wait until we are more confident that the rate of inflation will fall sustainably to 2%.'' He indicated that he did not think so.