Fed Chair Jerome Powell emphasized that future rate cuts hinge on economic developments|@federalreserve|X

Though the central bank remains committed to its plan for three interest rate cuts this year, the Federal Reserve Chair Jerome Powell left rates unchanged Wednesday.

JPow emphasized that future cuts hinge on economic developments as he will continue to seek confirmation that inflation is moving towards the Fed’s 2% target even amid the recent hotter readings.

Data surpassed expectations in the early months, presenting a challenge. 

In a press conference, Powell noted that a strong job market wouldn’t deter the Fed from cutting rates.

While the benchmark rate remains steady between 5.25% and 5.5%, speculation persists regarding the timing of rate adjustments.

Economic growth is projected at 2.1% this year, with inflation expected to reach its target by 2026.