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.

Chair Jerome Powell says the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s officials want to see where it heads next.

Federal Reserve Chair Jerome Powell said Thursday that strong U.S. economic growth will allow policymakers to take their time in deciding how far and how fast to lower interest rates. "The economy is not sending any signals that we need to be in a hurry to lower rates,