On November 15, Federal Reserve Chairperson Jerome Powell said that because of the strong U.S. economy, the Federal Reserve does not need to "rush" to lower interest rates, and the Federal Reserve will "carefully watch" to ensure that certain inflation measures remain within acceptable ranges. Powell reiterated that the path of the Fed's policy rate will depend on upcoming data and the evolution of the economic outlook. He said inflation is approaching the Fed's 2% target, but has not yet been reached. The Fed will closely monitor its core measures of inflation in goods and services, excluding housing, which have been declining over the past two years. "We expect these measures to continue to fluctuate in the near-term range, and the road to the Fed's 2% target will be bumpy at times."