PREVIEW

Jerome Powell Says the ‘Time Is Coming’ for Interest Rate Cuts. In an interview with '60 Minutes' on Jan. 4, the Federal Reserve chair said the central bank is still on track to reduce interest rates later this year, Fox News reports. "There is no easy, simple, obvious path. We have to balance the risk of moving too soon or too late. And there are different risks." "We think the economy's in a good place. We think inflation is coming down." "We just want to gain a little more confidence that it's coming down in a sustainable way toward our 2% goal." While the "time is coming" to cut rates, "it's not likely that this committee will reach that level of confidence in time for the March meeting, which is in seven weeks," Powell said. At its last meeting, the Federal Open Market Committee kept rates steady for the fourth consecutive time. Rates currently sit "at a range of 5.25% to 5.5%," which is the most they've been in 22 years, Fox News reports. Investors and analysts expect the Fed to start its rate cuts in May or June. The labor market remains strong. 353,000 jobs were added in January. "We have a strong economy. Growth is going on a solid pace, the labor market is strong: 3.7% unemployment." "With the economy strong like that, we feel can approach the question of when to begin to reduce interest rates carefully." Jerome Powell, Federal Reserve chair, via '60 Minutes'. "We want to see more evidence that inflation is moving sustainably to 2%." Jerome Powell, Federal Reserve chair, via '60 Minutes’. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT