Finance

Powell says it’s ‘highly unlikely’ the Fed will raise rates this year, despite stronger economy

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Federal Reserve Chairman Jerome Powell

Kevin Lamarque | Reuters

Despite what he sees as a rapidly recovering economy, Federal Reserve Chairman Jerome Powell on Sunday reaffirmed the central bank’s commitment to keep loose monetary policy on place.

That includes a statement of near-certainty that interest rates won’t be going anywhere as inflation remains tame and millions of Americans remain in need of assistance as the nation rebuilds from the damage caused by the Covid-19 pandemic.

“I think it’s highly unlikely that we would raise rates anything like this year,” Powell told “60 Minutes” journalist Scott Pelley in a broadcast Sunday evening.

“I’m in a position to guarantee that the Fed will…



Source cnbc.com

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