Fed Chair Powell Says: “No Rate Cuts Yet – We Need More Time”
(Source: Reuters)
Here’s what’s happening with your money in simple terms:
1️⃣ Fed’s Decision: Jerome Powell says the U.S. won’t lower interest rates right now – they need more proof that inflation is slowing down.
2️⃣ Trump’s Push: The President wants immediate rate cuts (he even sent Powell a handwritten note about it!), but the Fed isn’t rushing.
3️⃣ What’s Next:
- New jobs report comes out Thursday
- Inflation numbers arrive next week
- Possible new tariffs July 9
- Next Fed meeting: July 29-30
As Reuters reports, Powell explained: “We think the smart thing is to wait and see what happens with tariffs and inflation.”
Why This Matters to You
✔ Mortgages/Car Loans: Rates stay higher longer
✔ Savings Accounts: Keep earning more interest
✔ Stock Market: Investors waiting for clearer signs
The Big Picture
While other countries are cutting rates, America is playing it safe. Powell says they might still cut rates later this year – but only if the numbers look right.
(Source: Reuters)