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Jay Powell backed a gradual approach to lowering interest rates, saying the US central bank does not need to be “in a hurry” amid a strong economy and a “bumpy” path down for inflation.

In a speech delivered in Dallas on Thursday, the Federal Reserve chair hailed the “remarkably good” performance of the world’s largest economy amid “significant progress” in taming the pace of price increases.

Given the economy’s resilience, Powell signalled little urgency to ease monetary policy quickly, instead cautioning there was still work to do to get inflation all the way back to the central bank’s 2 per cent target.

“The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said in prepared remarks. “The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.”

Last week, the US central bank opted to lower its benchmark policy rate by a quarter-point to a new target range of 4.25-4.75 per cent. Officials next meet in December for their final gathering of the year and appear on track to deliver a third-consecutive cut.

The Fed’s challenge is to take its foot off the economic brakes quickly enough to prevent any significant increase in joblessness, but also slow it enough to ensure that inflation is kept at bay.

“We are confident that with an appropriate recalibration of our policy stance, strength in the economy and the labour market can be maintained, with inflation moving sustainably down to 2 per cent,” Powell said on Thursday.

Officials more broadly have endorsed a gradual approach to lowering rates, given both the underlying strength of the economy as well as the stickiness of residual price pressures.

The latest consumer price index report released on Wednesday underscored how uneven the path down to the Fed’s 2 per cent is likely to continue to be. Powell on Thursday described it as “more of an upward bump than we had expected”, even as he said overall downward trend was “still intact”.

After several months of larger-than-expected drawdowns in inflation, the annual pace ticked up to 2.6 per cent following a third straight month in which “core” prices that strip out volatile food and energy prices rose 0.3 per cent.

Another metric of underlying inflation — one that focuses on prices for services that also exclude housing-related costs — ticked higher in October and now registers an annual pace of 4.4 per cent. Powell on Thursday said he expected inflation to continue to retreat, “albeit on a sometimes-bumpy path”.

Earlier on Thursday, Adriana Kugler, a Fed governor, affirmed that the central bank was ready to pause its rate-cutting cycle if warranted by the data.

“If any risks arise that stall progress or reaccelerate inflation, it would be appropriate to pause our policy rate cuts,” she said at an event in Uruguay. “But if the labour market slows down suddenly, it would be appropriate to continue to gradually reduce the policy rate.”

Economists have warned that the economic proposals put forward by president-elect Donald Trump, such as tariffs and deportations, could cause inflationary pressures to reignite.

Asked on Thursday how that may affect the Fed’s policy decisions, Powell said the central bank would be “careful about changing policy until we have a lot more certainty”.

He said the impact of tariffs “isn’t obvious until we see actual policies”, stressing that the Fed would “reserve judgment”.

GIVING your children pocket money is a great way to teach them how to budget.

And encouraging them to earn their pennies is also a valuable lesson in responsibility.

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Here are some ideas to get kids managing their own cash.

CHORES: Children love a cash reward for little jobs such as tidying their room or helping with the cleaning.

This can also help instil the idea of working for your money — plus you get a helping hand around the house.

However, some parents may prefer kids learning to do their bit without a financial incentive.

BANK ON IT: Handing over physical pocket money is fine, but as more businesses become cashless, a card might be easier. It offers more protection if it gets lost as it can be cancelled, whereas cash could be gone for good.

From age 11, you can open a kids’ bank account, which is fee-free and comes with a debit card. Children are not allowed to go into an overdraft.

APPY SPENDING: There are a number of specific pocket money cards and apps which can be used by younger children, from the age of six.

Preloaded cards are similar to a debit card and the corresponding apps allow parents to keep an eye on where their kids are spending. You will usually get an instant alert when the card is used.

Some of these accounts come with a small monthly charge. However, there are free options. If you’re a NatWest customer, you can join Rooster Money for free, saving on the annual £19.99 charge. Or HyperJar offers a free prepaid debit card and app.

SAVINGS: It’s important to educate youngsters on the benefits of saving if they’ve got their eye on an expensive purchase or have a special occasion, such as a holiday, coming up.

You can set up physical envelopes or jars for cash.

Alternatively, HyperJar lets you create individual digital pots for different things.

Setting up savings accounts together is a good opportunity to talk about the idea of earning interest on your money.

• All prices on page correct at time of going to press. Deals and offers subject to availability.

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Argentina said on Thursday it would “re-evaluate” its role in global climate talks after walking out of the COP29 summit, fuelling concerns that the South American country could become the first to follow Donald Trump’s threatened exit from the landmark Paris agreement.

Trump’s campaign said he would withdraw the US from the Paris climate accord on his return to the White House, as he did during his first term, leaving ministers and negotiators at COP29 in Azerbaijan to fret that other populist leaders could follow suit. 

Argentina’s libertarian President Javier Milei withdrew the delegation of negotiators his country had sent to the UN climate summit in Baku on Wednesday, a day after speaking to Trump by phone. 

Milei demoted Argentina’s environment portfolio to a junior departmental level after taking office last year as part of a sweeping austerity package and sharp ideological realignment of his country’s environmental and foreign policy. He has said human-caused climate change is “a socialist lie”.

Milei’s spokesperson told a press briefing on Thursday: “The [withdrawal of the COP29 delegation] will allow the new foreign minister to re-evaluate the situation, reflect on our position. It’s part of the measures that the foreign minister is starting to take in his new role.”

Ana Lamas, Argentina’s under-secretary for the environment, declined to comment further on whether the country was considering an exit from the Paris agreement. “The delegation is coming back to Argentina, for now there is no more information,” she told the Financial Times. 

Milei fired foreign minister Diana Mondino last month after Argentina sided with Cuba at a UN vote condemning the US’s economic sanctions on the Caribbean nation.

He and his new foreign minister Gerardo Werthein, a wealthy businessman who was until recently Buenos Aires’ ambassador to the US, are this weekend due to attend the Conservative Political Action Conference in Orlando, Florida, where they aim to meet Trump.

The US is the only country to have left the Paris agreement. Almost 200 countries signed the blueprint to limit the global average temperature rise. Former Brazilian president Jair Bolsonaro threatened to withdraw, but did not follow through.

Many of the countries at the UN meeting have rushed to present a united front, arguing that even if the US quit the Paris agreement, the global context was very different from the first Trump term. Countries and industries had begun to make the shift to green energy as they took into account the further consequences of climate change, they maintained.

“The health of the Paris Agreement is quite good,” said Jennifer Morgan, Germany’s climate envoy, in Baku. “You have here a multilateral forum where countries work together to find solutions, despite geopolitical tensions, despite elections.

“We have been through elections in the past and have continued to move forward,” she said. The “costs and devastation” of climate change were prompting countries to act.

Another lead negotiator said: “The world has moved on. The economic case is strong for the transition — there are so many renewables all over the world.”

Argentina had been in charge of the so-called Sur negotiating bloc of countries at the two-week climate summit, and has been replaced by Brazil.

The Argentine delegation had submitted a statement to the COP29 opening meeting on Tuesday, declaring the nation’s opposition to “the imposition of regulations and bans promoted by the very countries that developed by doing the same things they are questioning today”. 

A central objective of the Baku summit is to set a new finance goal to help poorer countries shift to green energy and adapt to climate change, but the talks have been overshadowed by controversies during its opening days as well as the absence of more than half of the world’s leaders.

France also decided not to send a senior political official to the summit this week, after the host country’s President Ilham Aliyev used a speech at the event to accuse the “regime of President [Emmanuel] Macron” of “brutally” killing citizens during recent protests in New Caledonia.

Climate Capital

Where climate change meets business, markets and politics. Explore the FT’s coverage here.

Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here

PARENTS are flocking to buy this festive essential for kids, which only costs £2.

The Christmas Eve boxes from Asda are massively popular among savvy-shoppers who say they will “last for years”.

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The box measures 27cm x 36cm x 12.6cm – meaning it has plenty of room to fill with trinkets.

Buyers can nab these from an Asda shop or online.

Though the website warns prices and promotions may vary when buying in-store.

As the big festive day quickly approaches, parents are on the hunt for a place to store their little one’s presents.

And amid the ongoing cost of living crisis, Brits are on the lookout for cheap gift boxes and hampers.

But with gift boxes selling for £100 from John Lewis or £85 at Fortnum and Mason, many might be left out of pocket.

Luckily, Asda’s Christmas Eve box costs as little as £2 – that’s cheaper than certain chocolate bars.

One happy customer said: “Have bought these boxes for about 10 yrs now always look nice and are strong.”

Whilst another commented: “These are perfect! Really good size and really good value for the price. Quite sturdy.”

For those with a sweet tooth the supermarket is also offering two boxes of Quality Street for just £9.

Or for an even better deal, shoppers can get their hands on a chocolate advent calendar for a whopping £1.50.

This comes as B&M shoppers rush to fill their baskets with an item which is perfect for the upcoming festive season.

Bargain hunters have been getting excited about Christmas tree plates which cost just 10p, having been reduced from £4.

One eagle-eyed shopper got their hands on one at their local store before spreading the word on social media.

They took to the Facebook group Extreme Couponing and Bargains UK group to let others know.

The person wrote: “Christmas tree platters 10p each in B&M.”

On person commented: “If you see these please get me a couple xx.”

IF you’re a big fan of Sunday roasts, a new study has ranked the best in the UK – with the winning place going to a pub in Birmingham.

The study factored in everything from cost to tastiness, and it covers everywhere from London to Swansea.

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Rail operator London Northwestern Railway has pulled together a Roast Dinner Index, naming the UK’s best.

The research analysed factors such as price, value, popularity, and proximity to train stations to rank the top 10 Sunday roasts in the country.

Sara Paoloni, who is a travel expert at London Northwestern Railway, commented: “At London Northwestern Railway, we understand that enjoying a traditional roast dinner is a cherished part of British culture, especially during the festive season.

“Our Roast Dinner Index not only highlights the best places to indulge without straining your wallet but also emphasises the convenience of accessing these fantastic dining options easily.

“We hope this research inspires people to explore new culinary experiences while enjoying the comfort and value that these top-rated pubs offer.”

The Old Crown, Birmingham

Located in Digbeth, the Brummie boozer has the best Sunday roast in the country, according to the research.

Roasties in the pub start from £15.95, with the most expensive costing punters £18.95 for a mix of crispy pork and sirloin beef.

Each roast is served with roasted potatoes, maple glazed carrots, braised red cabbage & seasonal greens, a homemade Yorkie and slow-cooked gravy.

As a proud Brummie, I’ve been to the boozer and love its old-school charm with stained-glass windows and rustic desks.

Just be sure to bag a table early if you plan to spend your Saturday evening knocking back a pint because it can get very busy.

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The Duck and Waffle, London

Located on the 40th floor of a skyscraper in central London, the Duck and Waffle runs a three-course Sunday roast for £55 per head.

Each roast dinner is served with spiced carrot purée, maple mustard glazed parsnips, Yorkshire pudding, roast potatoes and gravy.

There are a choice of starters too, including corn ribs, a lobster roll and a beef tartare.

For pudding, guests can order a Biscoff Cheesecake or a Sticky Toffee Waffle.

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The Culpeper, London

Located on Commercial Street near Aldgate East Tube Station in Central London, the London boozer has the third-best roast dinner in the country.

Spread across four floors, the London building features a pub, a restaurant, a private dining venue and overnight accommodation for guests.

The ground-floor pub serves a range of roast dinner options, with mains from £22.

Diners can choose from chicken, beef, pork chops and butternut squash, with each roast accompanied by roast potatoes, red cabbage, carrots, gravy and a yorkshire pudding.

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The Camberwell Arms, London

The third London boozer on the list is the Camberwell Arms, which was also named as having one of the best Sunday Lunches by the Guardian back in 2017.

Here, roast dinners start from £18.80 per person, while share plates for two start from £50.

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The Welsh House, Swansea

Swansea’s Welsh House was the only restaurant in Wales to feature on the rail operator’s Roast Dinner Index.

Located on the Waterfront, the Welsh restaurant and bar serves roast dinners from as little as £15.05

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Cultra Inn, Holywood

The Cultra Inn is set inside the landscaped grounds of the Culloden Estate and Spa.

Here, Sunday lunch is served from 12pm until 2.30pm every Sunday, with two-courses starting from £32.

Guests can order turkey, pork chop, Irish beef, salmon and butternut squash ravioli for their main dish.

Starters range from soup of the day, while desserts include cheesecake and brownie.

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The Harwood Arms, London

The last London pub on the list is the Harwood Arms.

It’s the only Michelin-starred pub in London, with the Fulham pub already winning awards for its grub.

On a Sunday, the London boozer serves pork belly, a deer shoulder and skate wings.

Two-courses start from £64 per person.

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The Pack Horse, Derbyshire

Named as one of the best 50 gastropubs in the UK earlier this year, the Pack Horse has also been praised for its Sunday Lunch.

The veggie main starts from £20, with the venison loin, the highest-price main, costing £30.

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The Hand and Flowers, Marlow

Located in Buckinghamshire, the rustic pub serves one of the best roast dinners in the country.

Roast dinners come in at £175 per person, so it’s certainly a treat.

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The Owl & Otter, Newcastle

The family-run Owl & Otter is a gastropub in Burnopfield, County Durham.

Its Sunday mains start from £15.95, including the nut roast and the roast chicken.

Other mains include beef and pork belly.

Meanwhile, these are the most beautiful Wetherspoons in the UK.

And this is one of the country’s best hotels.

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Artificial intelligence may represent the biggest opportunity in tech since the arrival of the internet, but it also poses fundamental questions over how some of the industry’s most powerful companies make money.

Apple, which began rolling out Apple Intelligence last month, looks as well-placed for the AI era as anyone. In this field context is all. The data that Apple has about its users puts it in a powerful position. 

But it has yet to show how adding AI to its devices can meaningfully change people’s lives — or prove that it can find new ways to make money from a technology that does not fit neatly into its old business model.

Reports this week that Apple is preparing to use AI for a new assault on the smart home is the latest sign that the technology could supercharge some existing tech markets. What isn’t so clear is whether this will also supercharge the company’s profits.

The new smart home push is likely to come in two parts. Next year, according to a report in Bloomberg, will see the launch of a six-inch, wall-mounted Apple screen that acts as a “hub” to control gadgets around the home. The following year, according to a well-regarded supply chain analyst, will bring Apple-branded home security cameras.

This would be Apple’s most important move in the smart home market since it launched HomeKit — software used to control gadgets around the home from Apple devices — a decade ago. It would also show that Apple is intent on populating your home with more of its own hardware, rather than just giving you a way to connect gadgets from other makers.

The first wave of smart home technology underwhelmed. The smart home turned out to be not very smart at all. Speakers such as Amazon’s Alexa-powered Echo and Apple’s HomePod achieved only a low level of language understanding. Customers also found it hard to set up and manage the networks of gadgets that the speakers were meant to help them control.

Like its main rivals, Apple is now betting that generative AI can breathe new life into this market. If the devices in your home could understand who is in a room or what is going on, they are more likely to be able to respond in useful ways.

Apple is well behind Amazon and Google, which already sell fleets of gadgets for the home. But it has some powerful things going for it, including a reputation for privacy and a record in seamless integration. Also, unlike Amazon’s Alexa, Apple devices are not likely to interrupt your home life with random offers of things you might want to buy.

The acid test will be whether Apple can apply AI in ways that people find truly useful. For the first incarnation of Apple Intelligence, much is riding on a feature known as App Intents. This will enable developers to “open up” their apps to Apple’s Siri assistant, essentially letting the AI automatically carry out functions inside the apps on behalf of a user.

You’re hungry but not sure what to eat? Just ask the Apple hub on the wall or the kitchen counter, and it will recommend a take away and instruct Uber Eats to place the order. As always with AI, the possibilities are easy to imagine, though reality often falls short.

Whether this can become a significant business for Apple is also unclear. Loyal Apple customers should pay some kind of premium for gadgets that fit seamlessly into their Apple-centric digital worlds. But it may be hard to achieve much differentiation with gadgets that are plugged in on the wall somewhere and seldom noticed. As the FT reported last week, Apple has just added a new warning in its official filings that its future products and services may never generate as much revenue or be as profitable as old hits such as the iPhone.

Apple also needs to show how it can use AI to supercharge its services revenue, which has become the main driver of its diminished growth. As devices around the home take over the management of more parts of peoples’ lives, it will need to persuade customers to pay up for new types of service that, for now, are hard to even imagine.

Today, there are only the first hints of what this might look like. A premium iCloud+ subscription, for instance, includes the ability to upload and manage encrypted video from HomeKit devices in Apple’s cloud.

Whether it can make features like this increasingly useful, and eventually peel them off to become standalone premium services, will be the ultimate test of Apple’s success in AI.

richard.waters@ft.com