ECONOMY: Powell hints more rate cuts coming
Federal Reserve Chairman Jerome Powell said Tuesday that U.S. job growth since early last year was not as robust as thought, a hint that the Fed may be ready to keep cutting interest rates to support the economy. Powell also said the Fed will soon announce plans to buy Treasurys, likely short-term bills, to try to pump more cash into overnight money markets. The goal is to keep short-term rates at their target level and isn’t needed to support the economy, the Fed chairman added.