"Powell Maintains Cautious Approach to Rate Cuts Despite Market Volatility"

Federal Reserve Chair Jerome Powell indicated that the central bank will wait for further data on inflation before making anticipated interest rate cuts, citing progress in cooling price increases but acknowledging recent stagnation. Powell warned of the risks of cutting rates too early or too late, emphasizing the need to balance economic activity and inflation. Despite strong job gains and a record high in the S&P 500, the housing market has slowed due to soaring mortgage rates, while consumer and business sentiment surveys suggest an expectation of inflation returning to normal levels.