Al Caicedo is back… U.S. Federal Reserve Chair Jerome Powell and Federal Reserve Bank of Boston President Eric Rosengren attend a presentation by the East Hartford CONNects, a Working Cities Challenge initiative, and community residents project at Silver Lane Elementary School in East Hartford, Connecticut, U.S., Federal Reserve Chairman Jerome Powell said Monday night that the current level of interest rates should sustain the economic expansion in the United States, signaling that no more rate cuts are likely at the moment. At a speech in Providence, R.I., Powell said the central bank’s three consecutive rate cuts this year have left interest rates at a level “likely to remain appropriate.” The target federal funds rate is now in the range of 1.50% to 1.75%. “At this point in the long expansion, I see the glass as much more than half full,” Powell said in Providence. His speech wrapped up a day of meetings in East Hartford, Connecticut, where Powell toured the local community’s workforce development initiatives. Powell said that while he saw monetary policy as “well positioned,” he reiterated that policymakers are not on a “preset course” and said the Fed’s path on rates could change if there were a “material reassessment” of economic conditions. Powell’s commentary echoes his remarks to Congress less than two weeks ago, when he told lawmakers that “there’s no reason” why the economic expansion, now the longest in American history, can’t continue.
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