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Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting at the William McChesney Martin Jr. Federal Reserve Board Building in Washington on July 31, 2024. Andrew Harnik/Getty Images
The Federal Reserve is inching closer to cutting interest rates, signaling a rate reduction as soon as September if inflation continues trending downward and the labor market remains solid.
Meanwhile, Fed officials left the policy rate unchanged at a 23-year high of 5.5 percent following the two-day policy meeting that concluded on July 31.
