Powell says Fed will cut rates when ready, regardless of political calendar
WASHINGTON (Reuters) -Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will make interest rate decisions “when and as” they are needed, pushing back on a suggestion that a September rate cut could be seen as a political act ahead of the fall presidential election. “Our undertaking is to make decisions when and as they need to be made, based on the data, the incoming data, the evolving outlook and the balance of risks, and not in consideration of other factors, and that would include political factors,” Powell said in a hearing before the House Financial Services Committee. Powell was responding to a question during a committee hearing from U.S. Representative Mike Lawler, Republican of New York, about whether a September rate cut, currently given a roughly 70% probability by investors, could be seen as trying to tilt the playing field ahead of the Nov. 5 elections.
Reutersâ˘
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