On Wednesday, Federal Reserve Chair Jerome Powell reiterated his anticipation of a decrease in interest rates this year but refrained from specifying a precise timing.

In his prepared statements for the mandated appearances before Congress on both Wednesday and Thursday, Powell emphasized the ongoing vigilance of policymakers regarding the inflation risks and their reluctance to implement rapid adjustments.

He stated, “When contemplating any modifications to the policy rate target range, we will thoroughly evaluate the incoming data, the evolving economic outlook, and the risk balance, CNBC reported.

The Committee does not anticipate a reduction in the target range until there is increased confidence that inflation is consistently progressing toward the 2 percent mark.”

These statements were directly excerpted from the Federal Open Market Committee’s official statement issued after its most recent meeting, which concluded on January 31st.

Written by B.C. Begley