Powell says September rate cut ‘on the table’ if inflation data continues to cool

Federal Reserve Chair Jerome Powell said Wednesday that the U.S. central bank could cut interest rates at its September meeting if economic data continues on its current path. “If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September,” Powell said. Recent economic data has pointed toward inflation data falling back toward the central bank’s 2% target, while the unemployment rate has crept up above 4%.