Federal Reserve Chairman Powell: No extensive support for 50 basis points rate cuts this week

According to Kingshin data, Federal Reserve Chairman Powell said there was no widespread support for a larger, 50 basis points cut at the meeting this week. Previously, the Fed had cut interest rates by 25 basis points. Powell pointed out at a press conference that the Federal Reserve has carried out very large interest rate hikes and cuts in the past five years, which usually occurs when policies are significantly misaligned and need to be quickly adjusted to a new level.