Powell believes that there is no rush to make changes to interest rates.

Jerome Powell, the President of the Federal Reserve, mentioned that there has been a rise in uncertainty regarding the US economic outlook, but emphasized that monetary policymakers do not need to rush to make adjustments.

“Powell mentioned at an event in New York organized by the University of Chicago that the US economy remains in a favorable position despite significant uncertainty.”

“We can afford to be patient and wait for more information,” he said, as reported by “Bloomberg.”

Recent economic signs indicate that U.S. household spending could slow down, and surveys with families and businesses show increased uncertainty about the economic outlook, according to Powell.

He expressed interest in understanding how these advancements might impact upcoming expenditures and investments. The head of the Fed noted that efforts to lower inflation are ongoing but uneven.

Powell expressed optimism about the uneven progress in returning inflation to the desired level, with a focus on areas like housing services and market-based components of non-residential services.

Powell envisions steady and reliable inflation aiming for.

Fed President commented on recent data indicating a rise in consumer short-term inflation expectations, but noted that most long-term expectations align with the monetary authority’s 2% inflation target.

The financial market expects the US Central Bank to keep the basic interest rate unchanged at the upcoming meeting on March 18 and 19.

After reducing rates by a full percentage point in late 2024, the Fed leaders indicated contentment with the current interest rate stance and aimed for further progress in curbing inflation.

Powell emphasized that the overall impact of these policy adjustments will be significant for the economy and the direction of monetary policy. He highlighted the importance of distinguishing between irrelevant and relevant information as the situation progresses.

“Even though there have been advancements in certain areas, particularly in commercial policy, there is still a high level of uncertainty regarding the changes and their potential impacts,” he stated.