Fed Chair Jerome Powell says interest rate cuts likely 'at some point in 2024'

Federal Reserve Chair Jerome Powell told House lawmakers Wednesday that interest rate cuts are likely "at some point" in 2024, and that he is open to large changes to a controversial proposal requiring banks to hold more capital.
The central bank boss covered a number of topics during three hours of testimony before the House Financial Services Committee, touching on everything from immigration to commercial real estate to housing.
Two subjects dominated, however: monetary policy and bank regulation.
Powell made it clear he still expects cuts "at some point this year" even after some hot readings on inflation while also cautioning that the Fed would take its time.
"We want to see a little bit more data," he added during the question-and-answer session.
Powell also clarified Wednesday that he expects "broad and material" changes to a proposed Fed rule that would require the biggest US lenders to hold greater buffers against future losses.
The rule, the most aggressive change to how banks are regulated since the aftermath of the 2008 financial crisis, has been criticized by Republicans, some Democrats, and many banks.
"It's more important that we get this right than we do it fast," he said of that proposal, known as the Basel III endgame.
He didn't rule out heeding calls to pull back the idea and start over with a re-proposal.
"If that turns out to be the appropriate thing, we won't hesitate to do it," Powell said.
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[@psulse]

These people can lie with absolutely no pause.

[@markdoolen6741]

I say we just stop freaking working for corporate America 🇺🇸

[@nickspizza3197]

Yeo

[@jacksemenoff2148]

Its a crazy world ,when the people who cause all the problems ,then sit down point the finger and blame each other .

[@christophercarson4310]

This is such a side show.. Inflation is currently @ 40%

[@Earth_to_Kensho...ComeInKensho]

I don't think it's quite that high yet but you're a lot closer to being right than the bull crap they've been telling us

[@M.-.D]

JPow. Tell us about the printer being turned on again.

[@desartster71]

Brrrrrrrrrrrr!

[@heaven-is-real]

money printers make dollars worthless (one million dollars for a loaf of bread coming soon)

[@northpole6060]

28:10 explain ?

[@desartster71]

Does the Fed have shareholders that profit from the issuance of the debt note FRN? Please can anybody answer this?

[@nickspizza3197]

Yes, that's true

[@scottdean8576]

Fire Powell and get rid of the Fed. Let the markets take care of themselves. The banking market and money market can take care of itself.

[@gigabob45]

We did that already, Thrice. The first we called the Great Depression. The Second "The Savings and Loan Crisis" the third the "Fiscal Crisis of 2008". First time shame on you, second time shame on us, third time, WTF? And you want a fourth? Go MAGA Go! That ain't no cliff - it's a chasm of opportunity - speed the bus onward...

[@heaven-is-real]

@@gigabob45 those are scare tactics to stop us from throwing out a corrupt sytem.

[@royanjohnson7648]

It seems like we're discussing everything but the root of the problem. Yes, there need to be new homes coming on the market to increase supply, and the Fed needs to do more. However, there are some bad actors in the housing market. Actors include Referral companies Zillow Group, iBuyer Open-door Technologies Inc., and Hedge fund single-family home renter Tricon Residential Inc./Blackrock Inc., and Pretium Partners. These actors are not only hurting the housing market they are putting a drag on the entire economy. Let’s take housing away from Wall Street and put it back in the hands of our local communities where it rightfully belongs.

[@nj192]

I promise blackrock with its 9 trillion isn’t a drag on the economy 😂

[@desartster71]

Discussing everything but the root of the problem? How about the dollar? Or the fact that through the issuance of the debt based fiat dollar America is 34.5T in debt. What does the constitution say about states and money? That is the root of the problem!

[@dandremills2735]

Who's the lady seating in the back 1:50:00

[@Earth_to_Kensho...ComeInKensho]

Satan's lawyer

[@heaven-is-real]

sherman's main sqeeze

[@nickspizza3197]

Bitcoin, our store of value 🎉

[@wegapaul3616]

I encourage every one to turn this garbage off and put on a Manly P Hall lecture on!

[@IannaLovely2022]

A bill needs to be created to address things like HOAs. (Home owner association fees) There are currently no bills or regulations on the state level regarding this. HOAs impact housing cost and need to be regulated.

[@simonacoca3496]

I believe that Jerome Powell is very weak to handle his job, Greenspan was 10 times better, why is he staying at his job

[@faithmitchell7547]

Blah Blah you care nothing for the middle class and their investments!