Powell Doesn’t Rule Out a July Rate Cut

Fed Chair Powell didn’t rule out lowering interest rates at the central bank’s July policy meeting during a Congressional hearing on Tuesday.

“I would say this, I think if it turns out that inflation pressures do remain contained then we will get to a place where we cut rates sooner rather than later but I wouldn't point to a particular meeting,” he told Rep. Mike Lawler in response to a question about whether the July meeting would be live. A live meeting is one in which the outcome is relatively uncertain.

The question comes after Fed Gov. Christopher Waller and Vice Chair for Supervision Michelle Bowman both said in recent days that cuts should be on the table at the central bank’s next policy meeting.