Federal Reserve Chair Jerome Powell speaks after Fed holds interest rates steady — 7/31/2024

Federal Reserve Chairman Jerome Powell delivers remarks following the Federal Reserve's two-day policy meeting on Wednesday.

Federal Reserve officials on Wednesday held short-term interest rates steady but indicated that inflation is getting closer to target, which could open the door for future interest rate cuts.

Central bankers made no obvious indications, though, that a reduction is imminent, choosing to maintain language that indicates ongoing concerns about economic conditions, albeit with progress. They also preserved a declaration that more progress is needed before rate reductions can happen.

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Federal Reserve Chair Jerome Powell speaks after Fed holds interest rates steady — 7/31/2024