Federal Reserve Chair Jerome Powell said inflation is nearing the point where officials would feel comfortable about cutting interest rates. 'We're waiting to become more confident that inflation is moving sustainably at 2%.
When we do get that confidence, and we're not far from it, it will be appropriate to begin to dial back the level of restriction,' Powell said Thursday during testimony before the Senate Banking Committee. He noted that cuts would be necessary 'so that we don't, you know, drive the economy into recession rather than normalizing policy as the economy gets back to normal.
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