03:19 PM EST, 11/14/2024 (MT Newswires) -- Federal Reserve Chairman Jerome Powell said Thursday that the Federal Open Market Committee does not need to be in a hurry to lower rates and can act "carefully."

Powell said in his prepared remarks prior to a live discussion sponsored by the Dallas Fed and the Dallas Regional Chamber that the risks to inflation and employment are "roughly in balance" and that the FOMC must weigh the risks of lowering rates too slowly or too quickly.

"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully. Ultimately, the path of the policy rate will depend on how the incoming data and the economic outlook evolve."

Powell repeated that policy is not on a preset path and the FOMC will remain data dependent.

"In considering additional adjustments to the target range for the federal funds rate, we will carefully assess incoming data, the evolving outlook, and the balance of risks," Powell said.