By Michael S. Derby
Dec 10 (Reuters) – Federal Reserve Chairman Jerome Powell said U.S. central bank interest rate policy is well positioned to respond to what lies ahead for the economy, declining to provide guidance whether another interest rate cut lies in the near future.
“I would note that having reduced our policy rate by 75 basis points since September and 175 basis points since last September, the fed funds rate is now within a broad range of estimates of its neutral value and we are well positioned to wait to see how the economy evolves,” Powell said. He added, “monetary policy is not on a preset course, and we will make our decisions on a meeting by meeting basis.”
(Reporting by Michael S. Derby)
