Fed Chair Powell calls talk of cutting rates ‘premature’ and says more hikes could happen

Federal Reserve Chair Jerome Powell said talk of cutting interest rates was “premature” and warned that more rate hikes could be on the horizon. In a speech at a bond market conference in Chicago, he argued that it was important to wait and monitor developments before taking any action. He added that the Fed would continue to take a “patient approach” to rate setting, and urged patience before altering policy. He cautioned that it was too early to tell how the recent market volatility, which was spurred by escalating trade tensions, would play out in the near term.