Powell says slowing labor market prompted rate cut, sees ‘challenging situation’ ahead

Key Points

Fed Chair Jerome Powell said that weakness in the labor market is outweighing concerns about stubborn inflation, leading to a decision to lower the central bank’s key interest rate last week.
“This policy stance, which I see as still modestly restrictive, leaves us well positioned to respond to potential economic developments,” he added in a speech delivered in Rhode Island.
Powell is presiding over a Fed that has come under intense criticism from the White House and is seeing an unusually wide dispersion in views among officials.

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