Federal Reserve Governor Pauses On Raising Interest Rates

(London) — It looks like interest rates will remain low for a while longer. A member of the Federal Reserve Board of Governors said the U.S. economy needs to tighten up before interest rates can be raised. Speaking today in London, Jerome Powell said he still sees “a significant amount of slack” in the U.S. labor market where unemployment remains high. The Fed hopes to end its stimulus program for the U.S. economy later this year, which would clear the way for raising interest rates.