Federal Reserve Chair Jerome Powell said the outlooks for the labor market and inflation face risks, reiterating his view that policymakers likely have a difficult road ahead as they weigh further interest-rate cuts.
“Near-term risks to inflation are tilted to the upside and risks to employment to the downside — a challenging situation,” Powell said Tuesday in remarks to the Greater Providence Chamber of Commerce in Rhode Island. “Two-sided risks mean that there is no risk-free path.”
Powell offered no hints on whether he might support a rate cut at the Fed’s next meeting, in October. He did, however, address the tense political environment surrounding the Fed during a question and answer session following his speech, and denied accusations the central bank has acted politically in its policy decisions. (Source: Bloomberg)
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