Powell Says Strong US Economy Means No Rush to Cut Rates

Good morning. Jerome Powell isn’t in a hurry to lower US interest rates. Rachel Reeves says that the UK’s crackdown on banks went too far. And shop for thrifty to expensive watches with Bloomberg Pursuits. Listen to the day’s top stories.

Federal Reserve Chair Jerome Powell said the US economy’s recent performance has been “remarkably good,” giving the Fed room to lower rates at a careful pace. While he didn’t comment about the prospect of easing in December, markets pared bets on a quarter-point move to less than 60% from 80% a day earlier.