Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May. Powell, in an interview recorded for the CBS news program “60 Minutes,” also said the nation’s job market and economy are strong, with no sign of a recession on the horizon. “I do think the economy is in a good place,” he said, “and there’s every reason to think it can get better.” Powell’s comments largely echoed remarks he gave at a news conference Wednesday, after the Fed decided to keep its key interest rate steady.