Federal Reserve Chair Powell states that recent inflation data do not support cutting rates, and rates may need to remain higher for longer.

Federal Reserve Chair Jerome Powell said that recent inflation data have not given the Fed greater confidence to begin cutting rates and indicate that rates will likely need to be higher for longer. Powell cited a lack of progress towards the central bank's 2% inflation target, expressing concern over recent data. The Fed has previously flagged the need for greater confidence, led by incoming economic data, that inflation is on a sustainable path lower to begin cutting rates.

April 16, 2024
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