Jerome Powell. Photographer: Al Drago/Bloomberg.
Federal Reserve Chair Jerome Powell said the central bank will lower interest rates "over time," while again emphasizing that, overall, the U.S. economy remains on solid footing. Powell also reiterated his confidence that inflation will continue moving toward the Fed's 2 percent target, adding that economic conditions "set the table" for a further easing of price pressures.
"Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance," Powell said in a speech in Nashville at the annual meeting of the National Association for Business Economics. "But we are not on any preset course," he said, noting that policymakers will continue to make decisions meeting by meeting based on incoming economic data.
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