Fed Chair Powell says officials are in no hurry to cut interest rates

The US central bank is in no rush to slash interest rates any time soon, Federal Reserve Chair Jerome Powell told lawmakers Tuesday.

The US central bank is in no rush to slash interest rates any time soon, Federal Reserve Chair Jerome Powell told lawmakers Tuesday. “With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” Powell said. The Fed chief is testifying on Capitol Hill as part of his semiannual monetary policy report, starting Tuesday with the Senate Banking Committee, followed by the House Financial Services Committee on Wednesday. Powell’s comments jibe with those of other Fed officials and also with Wall Street, which is betting that interest rates will be held steady at the Fed’s March meeting, according to futures. Although Fed officials don’t comment on fiscal policy, the Fed pays close attention to how Washington is shaping the economy. In less than a month, President Donald Trump has rolled out a flurry of policies that could impact consumer prices, the labor market, economic growth and global stability. So far, that includes tariffs, mass deportations and cutting down on regulations, which includes gutting the Consumer Financial Protection Bureau. Later in the year, the administration is expected to tee up the extension of Trump’s 2017 tax cuts. Treasury Secretary Scott Bessent has also proposed bringing down long-term interest rates by targeting the yield on the 10-year US Treasury note, bypassing the Fed.