Powell Says Rate Cuts Unjustified as Economy Strengthens

Federal Reserve Chair Jerome Powell said on Thursday during a press conference that the U.S. economy's strength makes rate cuts unjustifiable. He noted that his assessment aligns with his views from 110 days ago, 20 days ago, and at his swearing-in ceremony, all of which indicated an improving economy.

The Fed earlier announced a 0.25 percentage point increase to the benchmark interest rate range of 3.75% to 4.00%, stating that economic activity is expanding at a solid pace.