The Federal Reserve held interest rates steady Wednesday but hinted that it is nearer to easing monetary policy as it cited “some further” progress on inflation and Fed Chair Jerome Powell told reporters a September cut “could be on the table.”
“We think the time is approaching,” Powell said in response to a question from Yahoo Finance, noting that the “overwhelming sense” from his colleagues is that the case could be made for a cut “as soon as the next meeting” on Sept. 17-18.
Fed officials voted to keep their benchmark interest rate in a range of 5.25%-5.50%, a 23-year high. The decision was unanimous.
Jennifer Schonberger | Yahoo Finance