Federal Reserve Chairman Jerome Powell delivers remarks Wednesday following the Federal Reserve's two-day policy meeting.

Federal Reserve officials on Wednesday kept short-term interest rates steady but indicated that inflation was moving closer to target, which could open the door to future interest rate cuts.

Central bankers, however, have not made it clear that a reduction is imminent, choosing to maintain language that reflects continued concerns about the economic situation, even if there is progress. They also kept a statement that further progress is needed before rate cuts can take place.

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Federal Reserve Chairman Jerome Powell speaks after Fed keeps interest rates steady — 07/31/2024

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