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NEWS ANALYSIS

Like the captain of a storm-tossed ship, Fed chair Powell signals land is finally in sight

He is upbeat on strong economic activity, a good labour market and inflation coming down

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    • Powell points out that the Fed has navigated through uncharted waters, and appears to have steered the economy away from the rocks of inflation.
    • Powell points out that the Fed has navigated through uncharted waters, and appears to have steered the economy away from the rocks of inflation. PHOTO: AFP

    Rob Curran

    Published Thu, Aug 1, 2024 · 05:04 PM

    US FEDERAL Reserve chairman Jerome Powell praised the central bank’s success in quelling inflation without bringing on a recession, and on Wednesday (Jul 31) he appeared to be in the mood to celebrate with a rate cut.

    The Fed hinted that it is prepared to cut rates in September even though voting members of the rate-setting committee viewed the economy as relatively strong.

    Generally, the central bank begins a rate-cutting cycle only when it fears a recession must be staved off. During an upbeat press conference, Powell spoke a bit like the captain of a storm-tossed ship, with land finally in sight.

    Jerome PowellUS Federal ReserveInterest ratesUS economy

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