Federal Reserve Chair Jerome Powell, after the FOMC meeting, indicated the central bank is not declaring victory on inflation and more evidence is needed before considering rate cuts. Powell pushed back on expectations for a March rate cut, suggesting it's 'probably not the most likely case.' In a '60 Minutes' interview, he stated that almost all of the 19 FOMC participants believe it appropriate to cut the federal funds rate this year, with the decision timing dependent on confirming inflation's downward trend. Powell also acknowledged the Fed's oversight in the Silicon Valley Bank failure but sees no high likelihood of a larger banking crisis or recession. He mentioned that inflation has been falling for 11 months and that the Fed expects to make three rate cuts this year.
POWELL SAYS FED EXPECTS TO MAKE THREE RATE CUTS THIS YEAR - FT
Fed Chair Jerome Powell said policymakers will likely wait beyond March to cut interest rates in a 60 Minutes interview https://t.co/TdtaDwT3aH
Powell Tells ‘60 Minutes’ Fed Likely to Wait Beyond March to Cut https://t.co/vks6imh6AQ
Federal Reserve Chair Jerome Powell said the central bank has shifted its focus toward deciding when to begin cutting interest rates https://t.co/6RdsNjtl8R https://t.co/6RdsNjtl8R
Read the full transcript of Powell’s interview with CBS’s ‘60 Minutes’ https://t.co/kK6AuoJI9q
60 Minutes: You seem confident in the banks, and yet the Silicon Valley Bank, second largest failure in U.S. history. Did the Fed miss that? POWELL: So, yes, we did. And I would say it this way. You know, that happened, and we forthrightly saw that we needed to do better. https://t.co/9oy42Vb7ai
Powell on another regional banking crisis: "I don't think that's likely" Says there could be some small closures, but "I don't think there's much risk of another 2008"
Fed to be 'careful' with interest-rate cuts, Powell tells ’60 Minutes’ https://t.co/ru7e1MBeTu
Fed's Powell: No High Likelihood of Recession
Powell Tells ‘60 Minutes’ Fed Likely to Wait Beyond March to Cut https://t.co/wiXzGt8Xka
60 Minutes: How would you characterize the consensus around this table for rate cuts? Is everyone onboard? Powell: "Almost all. Almost all of the 19 participants who sit around this table believe that it will be appropriate for us to cut the federal funds rate this year"
#Powell60Minutes May rate cut? Almost everyone believes in rate cuts this year Code: We need 1 more month of good inflation data 😤
Is there consensus on cutting rates in 2024? Powell on 60 minutes: "Almost all of the 19 participants who sit around this table believe it will be appropriate....to cut the federal funds rate this year"
Fed can be 'prudent' in weighing rate cuts, Powell tells '60 Minutes' https://t.co/UQefRquYA7 https://t.co/R3va874W2j
#Powell60Minutes We will cut rates before 2% inflation. Code: We need jobless claims to rise
#Powell60Minutes More confidence in cutting interest rate Code: The labor market gives us wiggle room
Powell on 60 minutes: "We wouldn't wait to get to 2% to cut rates"
Powell tells ’60 Minutes’ the economy’s strength allows Fed to be careful about rate cuts https://t.co/ger0Hhc3WO
Powell Asks for Patience While Fed Weighs Rate-Cut Timing https://t.co/1HOlIPVCU6
🇺🇸 JEROME POWELL JUST SAID IT'S UNLIKELY THE FED WILL CUT RATES IN MARCH 🇺🇸 JEROME POWELL INSISTS THE FED WILL MOVE CAREFULLY ON RATE CUTS, WITH PROBABLY FEWER THAN THE MARKET EXPECTS
Full Jerome Powell 60 minutes transcript for those who missed it https://t.co/eWMN085C1O
Powell insists the Fed will move carefully on rate cuts, with probably fewer than the market expects https://t.co/q8J1xiShpZ
Jay Powell says Fed expects to make three rate cuts this year https://t.co/7W3mOD3ZVr
Powell on 60 Minutes….
#Powell60Minutes Inflation has been falling for 11 months; you avoided a recession; why not cut the rates now?
Powell: “The prudent thing to do is to just give it some time and see that the data continue to confirm that inflation is moving down to 2% in a sustainable way.” https://t.co/A0auHND7Yc
*POWELL: FOMC RATE FORECASTS LIKELY NOT CHANGED MUCH SINCE DEC. *POWELL: IT'S UNLIKELY FED WILL HAVE CONFIDENCE TO CUT IN MARCH
Fed Chair Powell: “It's not likely that this committee will reach that level of confidence in time for the March meeting, which is in seven weeks. So, I would say that's not the most likely or base case.” https://t.co/A0auHND7Yc
🔴 FED CHAIR POWELL SUGGESTS FOMC RATE FORECASTS REMAIN UNCHANGED SINCE DECEMBER
Tonight, Jay Pow Wow will give an exclusive rare never before seen interview on 60 minutes. Here’s a sneak peak of what he will allude to: ..Interest rates higher for longer. Blah blah blah. ..Still far from our 2% inflation target. Blah blah blah. ..But US economy is getting…
Current state of the market: 60 minutes is airing a "rare interview" with Fed Chair Powell
Fed chair Powell pushed back on expectations for a March rate cut following the FOMC meeting, saying that's "probably not the most likely case or what we'd call the base case." The central bank would like to see "more evidence" that confirms the recent drop in inflation. https://t.co/2OThf856lt
Current state of the market: 60 minutes is airing a "rare interview" with Fed Chair Powell tonight at 7:00 PM ET. The interview will "ask about the future of interest rates" and "what the Fed might do next." This comes in the midst of the Fed's biggest interest rate hike… https://t.co/DNW5FFYrWH
❖ Reminder Powell next up on 60 Minutes on Sun (Feb 4) at 7pm ET, including rate cut discussions and the banking system. The interview was held Feb 1, so after Wed’s FOMC and before today’s NFP report, but with questions whether he would have had advance sight of the data… https://t.co/hH7dfU0Rfq
All of Powell's top comments from the FOMC press briefing: https://t.co/C2mwcurIoV
This week, Fed Chair Jerome Powell said the Federal Reserve left interest rates unchanged as the central bank 'will need to see continuing evidence to build confidence that inflation is moving down sustainably toward our goal. https://t.co/gzG6QUeJci
Might be why Powell will be on @60Minutes on Sunday evening, reiterating the Federal Reserve’s independence: Trump says he would replace ‘political’ Jay Powell as Fed chair via @FT https://t.co/96JZqsZwYe
"We're not declaring victory," Fed Chair Powell said on inflation during his press conference following the FOMC meeting. "We think we have a ways to go." https://t.co/mNDgJwxI6M