March 11th, 2024 10:00am PST
(PenniesToSave.com) – Jerome Powell, the Federal Reserve’s leader, hints at a careful but hopeful plan about changing interest rates. He says the Fed might lower rates in 2024. This could happen if they feel confident that inflation is on the right path towards a 2% goal.
In the Semiannual Monetary Policy Report to the Congress, Powell underscored this careful hopefulness. He noted inflation has gone down from the highest point but is still too soon to act on. This is the same as past pauses in rate changes. It reinforces the ongoing work they’re doing to control inflation without causing a recession. Powell’s statements show his optimism in the economy’s strength. Jobs are growing fast and people are spending consistently, even when rates are quickly changing. They are closely watching the economy’s vital signs and are ready to change money policies when needed to support stability and growth.