Powell sees cooler US hiring in possible hint of rate cuts

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says 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.

Revisions to the government’s jobs data suggest less upward pressure on wages and inflation. The Fed has cut rates twice this year and is expected to ease again later this month.

“Where we had seen a booming job market, we now see more-moderate growth,” Powell says.

He also says in a speech at a conference in Denver that the Fed plans to renew its bond-buying efforts to pump more cash into overnight money markets. That’s intended to help keep short-term rates at their target level and isn’t needed to support the economy, he adds.

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