Powell says the Fed is “not far” from the point of cutting interest rates

Federal Reserve Chairman Jerome Powell testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled “Semiannual Monetary Policy Report to Congress” in the Dirksen Building on Thursday, March 7, 2024.

Tom Williams | Cq-roll Call, Inc. | Getty Images

Federal Reserve Chairman Jerome Powell indicated Thursday that interest rate cuts may not be too far away if inflation signals cooperate.

In his remarks to the Senate Banking Committee, the central bank chief did not provide a specific timeline for when he sees easing occurring, but indicated that day could come soon.

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