Powell Lists Factors Supporting No Rate Cut, Says He Is Willing to Wait for More Data

Federal Reserve Chair Jerome Powell stated that while the Fed "can see that the labor market may be cooling slowly and steadily," this cooling is not a cause for concern given the current strong labor force participation rate and solid wage growth. He said, "Although uncertainty about the economic outlook has decreased, it remains at a relatively high level." As long as the current labor market conditions persist, accompanied by reasonable economic growth and gradually declining inflation, Powell said he is willing to wait for more information before deciding on the next steps. (Jin10)