Powell hints at long-awaited rate cut but admits Fed in ‘challenging situation’

Powell hints at long-awaited rate cut but admits Fed in ‘challenging situation’
In a closely watched speech, Fed Chair Jerome Powell gave the strongest indication yet that the central bank will cut interest rates as soon as September. With inflation ticking up and the job market cooling down, Powell said the Fed was in a “challenging situation.” Amna Nawaz discussed more with Loretta Mester, the former president and CEO of the Federal Reserve Bank of Cleveland.

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