Fed chair Jerome Powell expects interest rate cut this year

Central bank leader cautions that continued progress on inflation ‘is not assured’ in remarks prepared for House committee

The US Federal Reserve chair, Jerome Powell, said on Wednesday that the central bank still expects to reduce its benchmark interest rate later this year but warned continued progress on inflation “is not assured”.

“If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powell said in remarks prepared for delivery to the House financial services committee as US lawmakers prepare to face inflation-weary voters in a charged presidential election year.

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