(Bloomberg) — Federal Reserve Chair Jerome Powell will appear on CBS News’s 60 Minutes this Sunday and will discuss inflation risks, expected rate cuts and the banking system, among other topics, the network said.
CBS announced his appearance on the social media platform X on Thursday, the same day that the interview was conducted. Powell last appeared on the program in April 2021.
The Fed, which left interest rates unchanged at a policy meeting earlier this week, is in the midst of a policy pivot. It’s moving away from the aggressive interest-rate increases of the past two years and turning to a period where it’s assessing when it can cut rates.
During a press conference following the Fed’s meeting Wednesday, Powell said that a cut is unlikely to come at the next gathering in March, which some market participants had been betting on.
The Fed chief expressed optimism at recent cooling inflation data, but said he’s concerned that prices fail to fully return to the central bank’s 2% target.
Jerome Powell, the chair of the Federal Reserve, may have just rescued the economy from inflation without throwing millions out of work. When Americans were suffering through the highest inflation in 40 years, Powell’s Fed raised interest rates 11 times to cool the economy. Economists expected a recession but now inflation is tumbling while employment is near a 50-year high. Thursday, we met Powell for a rare interview to talk about interest rates, remaining dangers and the one question that’s on everyone’s mind.
Scott Pelley: Is inflation dead?
Jerome Powell: I wouldn’t go quite so far as that. What I can say is that inflation has come down really over the past year, and fairly sharply over the past six months. We’re making good progress. The job is not done. And we’re very much committed to making sure that we fully restore price stability for the benefit of the public.
Scott Pelley: But inflation has been falling steadily for 11 months. You’ve avoided a recession. Why not cut the rates now?
Jerome Powell: Well we have a strong economy. Growth is going on at a solid pace. The labor market is strong: 3.7% unemployment. With the economy strong like that, we feel like we can approach the question of when to begin to reduce interest rates carefully. And we, you know, want to see more evidence that inflation is moving sustainably down to 2%. We have some confidence in that. Our confidence is rising. We just want some more confidence before we take that very important step of beginning to cut interest rates.
“We just want some more confidence before we take that very important step of beginning to cut interest rates,” says Fed Chair Jerome Powell. The Fed’s benchmark interest rate remains at a 23-year high. pic.twitter.com/hj2uvV3AnO
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