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United States Federal Reserve Chairman Jerome Powell is set to speak at the Economic Club of Washington, D.C., on Monday, and traders are looking for hints on when the central bank will cut interest rates. Powell will discuss with David Rubinstein, chairman of the Economic Club and co-founder of Carlyle Group.
It will be Powell’s first speech since Thursday’s consumer price index report, which showed price drop June is calculated on a monthly basis.
Powell did deliver two days of testimony on Capitol Hill last week in which he said the Fed believed risks between rising inflation and a slowing economy were now more balanced. He also said that the central bank does not need to wait until inflation actually reaches the 2% target before cutting interest rates.
The Federal Reserve will hold a policy meeting at the end of July, but it is unlikely to cut interest rates by then. Traders instead focused on the September meeting as a potential rate cut.
