LIVE: Fed Chair Powell Indicates No Rush for Interest Rate Cuts Amid Solid Economy | Trump | N18G

LIVE: Fed Chair Jerome Powell Testifies To Senate Banking Committee | Trump | Elon Musk | N18G
Federal Reserve Chair Jerome Powell told a Senate Committee Tuesday that with a strong job market and with inflation still elevated, he and his colleagues "do not need to be in a hurry" to cut interest rates.
Powell also fielded questions about President Trump's economic policies and the Fed's own bank supervision — and as usual, the Fed chair tried to steer clear of politics.
In his semi-annual report to Congress, Powell noted that the central bank had lowered its benchmark interest rate by a full percentage point last year. Further cuts will likely have to wait until inflation cools further or until there's a notable softening of the job market.

Federal Reserve Chairman Jerome Powell delivers semiannual monetary policy testimony before the Senate Banking, Housing, and Urban Affairs Committee, in Washington.
The odds of further interest rate cuts this year by the Federal Reserve dwindled last week as unemployment fell and more officials say they want to see how new policies from the White House affect the economy.
While Fed officials penciled in two rate cuts this year at their December meeting, economists and Wall Street investors are increasingly skeptical, with some predicting no reductions at all this year. On Friday, economists at Morgan Stanley said they now expect just one rate cut in 2025, and investors also expect just one — in July — according to pricing in futures markets.
Fewer cuts could translate into a longer period of elevated mortgage rates and high costs to borrow money for everything from autos to credit cards. Still, mortgage rates are closely tied to the yield on the 10-year Treasury note, which can move independently of the Fed’s actions.
Billionaire Elon Musk suggested in a series of social media posts this past weekend that the Federal Reserve should undergo closer scrutiny, making the comments just days before Fed Chair Jerome Powell is scheduled to testify on Capitol Hill
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