Fed Chairman Powell says lack of support for larger rate cuts

Fed Chairman Jerome Powell said that calls for a rate cut of 50 basis points at this week's meeting did not receive widespread support. Previously, the Fed had cut interest rates by 25 basis points. Powell stressed at a press conference that the current call for a 50 basis point cut has not received widespread support. He pointed out that in the past five years, interest rates have risen and fallen sharply when policies are clearly out of order and need to be adjusted quickly to new levels.