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Wednesday, Mar 6, 2024 5:47 pm ET1min read
On Wednesday, Federal Reserve Chair Jerome Powell addressed Capitol Hill, suggesting that the central bank could lower interest rates this year. However, he emphasized that the bank is not immediately ready to cut borrowing costs. Powell stated, We believe that our policy rate is likely at its peak for this tightening cycle. If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. Investors are closely monitoring Powells remarks as they await further data and potential rate adjustments.
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