Federal Reserve Chair Jerome Powell is voicing an optimistic message about the U.S. economy and downplaying the threat of a recession.
has fallen significantly from a peak last summer but remains at a level double the Federal Reserve's target of 2%.
Data released in recent months suggests that the policy approach has succeeded in slowing economic activity while averting a downturn.by a sluggish 1.1% annualized rate over the three months ending in March, according to government data. Berries are seen on a shelf at Lincoln Market, June 12, 2023 in the Prospect Lefferts Gardens neighborhood in the Brooklyn borough of New York City.MORE: Federal Reserve pauses interest rates after 15 months of hikes
A jobs report earlier this month showed that the labor market grew robustly in May, adding 339,000 jobs compared to Wall Street estimates of just 195,000.Despite continued strength, labor market growth has slowed from its previous breakneck pace, suggesting that demand for workers has waned and in turn employers have faced less pressure to offer high wages, Powell said."We're getting the softening we need," Powell said.
"In my view, the least unlikely case is that we do find a way to better balance without a severe downturn," he added.
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