Chair Powell says only two ways FED would consider cutting rates this year

In his remarks, FED Chair Jerome Powell stated that there're two paths to further rate cuts this year. The first would be for inflation data to show a decline towards the goal of 2%. CPI number was 3.4% YoY in March while the FED's preferred inflation metric, PCE was 2.7% compared to 2.5% in February.

The second path to lower interest rates would be an unexpected weakening in the labor market. US unemployment rate was 3.8% in March compared to 3.8% the previous month.