Fed Chair Powell: ‘Solid Majority of FOMC Participants’ Expect Rate Cuts Later This Year

EXCERPT:

POWELL: "So, from our standpoint, as you will have seen, a solid majority of FOMC participants do expect that it will become appropriate later this year to begin to reduce rates again, so — and that will depend, though, as Christine just mentioned, on the incoming data. We will be monitoring particularly what does show up in terms of inflation or what does not show up, and also carefully watching the labor market. You know, we watch very carefully for signs of unexpected weakness. We see a gradual cooling, but we don’t really see that yet. So those are the things we will be watching, as I’d imagine a majority of us do feel that will be appropriate, in the remaining four meetings of the year, to begin to reduce rates again."