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Fed's Powell says question of rate cuts not on radar right now

Published 11/01/2023, 03:00 PM
Updated 11/01/2023, 03:06 PM
© Reuters. Federal Reserve Board Chairman Jerome Powell holds a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. REUTERS/Kevin Lamarque

By Michael S. Derby

NEW YORK (Reuters) - Federal Reserve Chair Jerome Powell said Wednesday that the U.S. central bank is not thinking about lowering rates right now.

© Reuters. Federal Reserve Board Chairman Jerome Powell holds a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. REUTERS/Kevin Lamarque

"The question of rate cuts just doesn’t come up” right now, Powell said at his press conference following the latest Federal Open Market Committee gathering.

He added: "It’s fair to say the question we’re asking is should we hike more” as officials weigh how they can guide inflation back to the 2% target.

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