Powell: The reason for not cutting interest rates is that the Fed's internal and external economic forecasts indicate that inflation will rise significantly this year

PANews reported on June 24 that Federal Reserve Chairman Powell said: The reason we are not cutting interest rates at the moment is because both internal and external economic forecasts of the Federal Reserve indicate that inflation will rise significantly this year.

Fed Chairman Powell said in his testimony to Congress that there may be many different paths for future interest rates. Inflation may not be as strong as expected. If this is the case, it is recommended to cut interest rates as soon as possible; if the labor market is weak, it is also recommended to cut interest rates as soon as possible, but if inflation and the labor market are strong, it may be possible to cut interest rates later.