00:00It's Benzinga bringing Wall Street to Main Street.
00:02Federal Reserve Chair Jerome Powell said Tuesday that interest rates remain modestly restrictive
00:06even after last week's cut according to the Wall Street Journal.
00:09Speaking of Providence, Powell reiterated that the Fed faces a balancing act
00:13between supporting jobs and keeping inflation near its 2% target.
00:16He cautioned that cutting rates too aggressively risks letting inflation linger closer to 3%,
00:21while keeping policy too tight could unnecessarily damage hiring.
00:25Powell said the Fed shifted focus to the labor market after a summer slowdown in job growth
00:29left the economy unstable to create enough jobs for those seeking work.
00:33Powell avoided firm guidance on the Fed's October meeting,
00:36but did not dispute market expectations of another rate cut.
00:39Powell also pushed back against political criticism of Trump and Treasury Secretary Scott Besson,
00:44emphasizing that the Fed's decisions are not driven by partisan politics.
00:47For all things money, visit Benzinga.com.
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