12:24 PM EDT, 03/29/2024 (MT Newswires) -- Federal Reserve Chairman Jerome Powell (voter) said that the FOMC will be careful when deciding when to lower rates, saying that it can remain patient and not act too quickly or too late given the risks on both sides.

Powell repeated that it would not be appropriate to lower rates until the FOMC sees "more good inflation readings" and the FOMC "will be careful about this decision because we can be."

Political considerations and fiscal policy do not play a part in the Fed's decision, Powell repeated, saying that monetary policy decisions are not meant to serve one particular group or political party.

Recent comments of note:

(March 27) Fed Governor Christopher Waller (voter) said that it would be "appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data." Waller said that he still believes that rate reductions could be appropriate this year but added that there was no rush to begin easing policy until the Fed see further evidence of inflation improvement, citing a "significantly lower" risk of waiting longer than cutting too soon.

(March 25) Atlanta Fed President Raphael Bostic (voter) said that he now expects only one rate reduction in 2024, compared with the two cuts that he had expected a few months ago, due to stronger-than-expected data and a later start to rate reductions.

(March 25) Fed Governor Lisa Cook (voter) said that a "cautious approach" to easing policy is required despite the risks to achieving its employment and inflation goals are moving toward better balance. Cook noted the balancing act between easing too early and easing too late.

(March 25) Chicago Fed President Austan Goolsbee (nonvoter) said in an interview on Yahoo Finance that he expects three interest rate cuts this year but would not speculate when the Fed may begin rate reductions.