The economy needs to take one of these 2 paths before the Fed cuts interest rates, Powell says

Federal Reserve Bank Chair Jerome Powell announces that interest rates will remain unchanged during a news conference at the bank's William McChesney Martin building on May 01, 2024 in Washington, DC.

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• The Federal Reserve held interest rates steady once again on Wednesday.
• Powell said inflation data is not yet where it needs to be to consider cutting rates.
• He said it'll take better inflation data or "unexpected" labor market weakness before that happens.