Fed Chair Powell says the US economy is in ‘solid shape’ with gradual rate cuts coming

AP Economics Writer

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy. At their last meeting, Fed officials penciled in two more quarter-point rate cuts to be made at the central bank’s final meetings this year. In remarks Monday before the National Association for Business Economics in Nashville, Tennessee, Powell said the economy and hiring are largely healthy. He emphasized that the Fed is recalibrating its key interest rate, which is now at about 4.8%.