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Hello there, I'm Javeria, and today we're breaking down the key takeaways from Federal Reserve Chairman Jerome Powell's recent announcement regarding interest rates and the US economy's performance.

Federal Reserve Chairman Jerome Powell announced that the Federal Open Market Committee (FOMC) has decided to maintain the current interest rate range of 4.25%-4.5%. This decision reflects the committee's assessment that the US economy remains robust, with inflation gradually moving towards the 2% target, albeit at a relatively high level ¹.

Powell emphasized that labor market conditions are balanced, characterized by stable unemployment rates, which suggests that the labor market is not contributing to inflation. Additionally, he reassured that inflation expectations remain well-anchored, indicating that the market believes the Fed will achieve its inflation target.

The Chairman noted that while the last interest rate cut was appropriate, there is no urgency for further cuts at this time. The Fed will conduct its five-year planning in 2025, but changing the 2% inflation target is not under consideration.

In response to questions about former President Trump's recent calls for interest rate cuts, Powell declined to comment, stating that the Fed will "keep its head down" and focus on its work. He also mentioned that he has not received any direct communication from Trump.

Key takeaways from the FOMC decision and Powell's speech include:

- *Interest Rates*: The Fed has decided to maintain the current interest rate range of 4.25%-4.5%.

- *Inflation*: Inflation is gradually moving towards the 2% target, but remains relatively high.

- *Labor Market*: Labor market conditions are balanced, with stable unemployment rates.

- *Inflation Expectations*: Inflation expectations remain well-anchored.

- *Future Plans*: The Fed will conduct its five-year planning in 2025, but changing the 2% inflation target is not under consideration.

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