Federal Reserve Chair Jerome Powell on Wednesday flagged the softening labor market after policymakers trimmed the benchmark interest rate by a quarter point to a range between 4% and 4.25%. Citing weakness in the job market, they forecast two more quarter-point cuts this year.
“Payroll job gains have slowed significantly to a pace of just 29,000 per month over the past three months,” Powell said at a press conference after the Fed policy decision. READ MORE