Inflation in the United States is currently hovering close to the Federal Reserve's target of 2%. Despite a notable increase in the unemployment rate this year, the country has managed to steer clear of a recession, with no signs of one on the horizon.
Following a decision to cut rates, it may seem like the Federal Reserve officials are celebrating a victory. However, Federal Reserve Chair Jerome Powell was quick to clarify that this was not the case.
During a statement on Wednesday, Powell emphasized that the nation's inflation rate has not yet reached the desired 2%. He stated, 'We're not really at 2%. We're certainly not saying mission accomplished or anything like that,' while also expressing optimism about the progress that has been achieved.
