Fed Chair Powell states higher-than-expected U.S. inflation requires patience before lowering interest rates.
Federal Reserve Chair Jerome Powell said on Tuesday that U.S. inflation has been higher than expected and that the central bank will need to be patient before lowering interest rates. Powell expects inflation to move back down to lower levels, but his confidence in this has decreased. The Fed plans to "be patient and let restrictive policy do its work" before making any further moves.
May 14, 2024
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