Powell says Fed 'not far away' from cutting interest rates

Federal Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the “Semiannual Fiscal Policy Report to Congress” at the Dirksen Building, Thursday, March 7, 2024.

Tom Williams | Cq-roll Call, Inc. | Good pictures

Federal Reserve Chairman Jerome Powell on Thursday indicated that interest rate cuts may not be far off if inflation signals cooperate.

In comments to the Senate Banking Committee, the Fed chairman did not provide a precise timetable for when he sees easing, but indicated that day could come soon.

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