Powell Teases September Rate Cut as Fed Holds Steady, Talks CBDC Future - Kitco News

Jeremy Szafron, Anchor at Kitco News, delivers the latest updates from the Federal Reserve. The FOMC has decided to hold interest rates steady at their current range of 5.25% to 5.5%, marking the highest level in over two decades. However, Fed Chair Jerome Powell hinted at the possibility of an interest-rate cut as early as September. Powell emphasized the Fed's balanced approach to managing inflation and employment risks, noting that the job market remains strong but not overheated. He also observed that while consumer spending has slowed, it remains solid, indicating that the U.S. economy is 'normalizing.' Addressing the topic of a central bank digital currency (CBDC), Powell stated that the Fed is not planning to implement one at this time. His dovish remarks fueled a rally in stocks, with the S&P 500 climbing by 2%. Treasury yields fell across the curve, and the dollar weakened against all major developed-market currencies. Traders are now pricing in at least two rate cuts this year, with the first potentially coming at the Fed’s next meeting. Stay tuned for more insights and expert analysis on Kitco News.

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