Federal Reserve Chairman: If satisfactory progress is made in reducing inflation, the Fed may cut interest rates as early as September

On July 31st local time, Federal Reserve Chairman Powell held a press conference on the Federal Funds Rate policy released by the Fed that day. He stated that if the inflation test is met, the Federal Reserve may cut interest rates as early as September, and emphasized that all of the Fed’s decisions are “absolutely” non political and unrelated to the upcoming presidential election. Powell hinted in response to questions that the possibility of a 50 basis point interest rate cut is unlikely.