Powell: Fed doesn't need to 'rush' to cut rates

The Federal Reserve Chairman Powell stated that due to the strong U.S. economy, the Federal Reserve does not need to "rush" to lower interest rates, and the Federal Reserve will "carefully observe" to ensure that certain inflation indicators remain within an acceptable range. Powell reiterated that the path of the Federal Reserve's policy interest rate will depend on the upcoming data and the evolution of the economic outlook. He said that the inflation rate is approaching the Federal Reserve's 2% target, but has not yet reached it. The Federal Reserve will closely monitor the core indicators of commodity and service inflation excluding housing, which have been declining over the past two years. "We expect these indicators to continue to fluctuate in the near-term range, and the path to the Federal Reserve's 2% target may sometimes be bumpy." (Gold Ten)