Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy

Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that's expected to begin as early as May. Powell, in an interview recorded Thursday for the CBS news program “60 Minutes,” also said the nation's job market and economy are strong, with no sign of a recession on the horizon. Powell's comments largely echoed remarks he gave at a news conference Wednesday, after the Fed decided to keep its key interest rate steady at about 5.4%, a 22-year high.