Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., on January 29, 2025.
Federal Reserve Chair Jerome Powell said today that officials are not in a rush to lower interest rates, adding that the central bank is pausing cuts to the federal funds rate until it sees further progress on inflation following last year’s rate reductions. “We do not need to be in a hurry to adjust our policy stance,” he said, noting that the economy remains strong and interest rates are no longer restraining the economy as much as were several months ago.
The Federal Open Market Committee (FOMC) voted unanimously to keep the federal funds rate in a range of 4.25 percent to 4.5 percent, after lowering rates by a full percentage point in the final months of 2024.
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