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US Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve on January 31, 2024 in Washington, DC.
US Federal Reserve Board Chairman Jerome Powell.

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  • Jerome Powell reiterated Wednesday that the Federal Reserve would cut interest rates this year.
  • The Fed says it wants inflation to cool more but doesn't need it to hit its 2% target to cut rates.
  • The comments stand in contrast to hawkish commentary, with some forecasting no cuts in 2024.

Fed Chair Jerome Powell on Wednesday silenced the growing chorus of forecasters questioning the prospect of rate cuts this year.

Tags
economy, Markets, fed-rate-cuts, jerome-powell, us-economy-outlook, Inflation, inflation-target
Source
The Fed insists it will cut rates this year