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Powell Signals Patience: Fed to Lower Rates ‘Over Time’

by Team Lumida
October 1, 2024
in Macro, Markets
Reading Time: 3 mins read
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Powell Signals Patience: Fed to Lower Rates ‘Over Time’

FILE PHOTO: Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., September 18, 2024. REUTERS/Tom Brenner/File Photo

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Key Takeaways:

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  1. Fed to lower rates gradually, not on preset path.
  2. Inflation trends toward 2% target, bolstering confidence.
  3. Labor market remains solid but shows signs of cooling.

What Happened?

Federal Reserve Chair Jerome Powell announced that the Fed will lower interest rates “over time,” emphasizing a data-driven approach. Speaking at the National Association for Business Economics in Nashville, Powell highlighted the economy’s solid footing and ongoing disinflation. The Fed’s current benchmark rate is 4.75%-5%, which still restricts economic activity.

Powell noted that upcoming rate cuts would be decided meeting by meeting, based on incoming economic data. Inflation, measured by the personal consumption expenditures price index, rose modestly by 2.2% over the past year. Powell also pointed out that the labor market, while solid, has cooled over the past year.

Why It Matters?

Investors are keenly interested in the Fed’s rate-cut strategy, as it influences borrowing costs, investment returns, and overall market sentiment. Powell’s statements suggest a cautious approach to lowering rates, mitigating the risk of reigniting inflation.

This disinflation trend allows the Fed to focus on supporting the labor market without the painful rise in unemployment that typically accompanies efforts to combat high inflation. The Fed’s plan to move toward a neutral policy stance signals confidence in the economy’s resilience and provides clarity for future monetary policy.

What’s Next?

Expect the Fed to continue its data-driven approach, making decisions based on economic conditions. Investors should watch for the upcoming Federal Open Market Committee (FOMC) meetings in November and December, where quarter-point rate cuts are projected.

Fresh labor market data, due Friday, will be crucial; economists predict 150,000 new jobs in September, with the unemployment rate holding steady at 4.2%. Fed Governor Michelle Bowman has warned against cutting rates too quickly, emphasizing a measured pace to avoid inflation risks. Investors should prepare for potential market volatility as the Fed navigates these economic waters.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018