Fed can be ‘prudent’ in weighing rate cuts, Powell tells ’60 Minutes’

The U.S. Federal Reserve can be "prudent" in deciding when to cut its benchmark interest rate, with a strong economy allowing central bankers time to build confidence inflation will continue falling, Fed chair Jerome Powell told the CBS news show "60 Minutes" in an interview that aired Sunday night. "The prudent thing to do is…to just give it some time and see that the data confirm that inflation is moving down to 2% in a sustainable way," Powell said. Powell reiterated many of the comments made at his press conference last week after the Fed held its benchmark interest rate steady in the current range of between 5.25% and 5.5%.