Minutes ago, Federal Reserve Chairman Powell assured critics that the U.S. economy is heading in the right direction.
During a central bank forum in Portugal organized by the ECB and the Bank of Portugal, Powell emphasized the stability of the U.S. economic condition and labor market. He compared the current labor market to several years ago when there was a significant labor shortage, highlighting progressive changes since then.
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Chairman Powell mentioned that precisely because of this progress and gradual economic stabilization, they may take more time to approach the coveted 2% inflation target. When asked about the potential interest rate cut in September, he chuckled, stating he cannot commit to a specific date but cautioned that it is still early and there is a risk of undoing all achieved progress with the first misstep.
