MNI BRIEF: Powell-Job Market 'Not Crying Out' For Rate Cuts

Federal Reserve Chair Jerome Powell said Wednesday the U.S. labor market remains solid and does not suggest interest rate cuts are immediately needed. 

"The economy seems to be in solid shape. So the labor market's not crying out for a rate cut," he told reporters during a press conference. "You don't really see unemployment going up. You don't see increased slack. You're at 4.2% unemployment. For many years, that was an extremely low level. It happens to have come up off of an even lower level."

He added that wage growth remains healthy but is now "I think much more consistent with 2% inflation given a reasonable assessment of trend productivity." (MNI POLICY: Fed Cut Impetus Fades Alongside Recession Fears)