Fed's Powell: Elevated inflation will likely delay rate cuts this year
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed rate cuts until later this year, opening the door to a period of higher-for-longer interest rates.
“Recent data have clearly not given us greater confidence” that inflation is coming under control” and instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion at the Wilson Center.
“If higher inflation does persist,” he said, “we can maintain the current level of (interest rates) for as long as needed.”
The Fed chair’s comments suggested that without further evidence that inflation is falling, the central bank will likely carry out fewer than the three quarter-point reductions its officials had forecast during their most recent meeting in March.
Related articles
Devers sets Red Sox record by homering in his 6th consecutive game
ST. PETERSBURG, Fla. (AP) — Boston Rex Sox star Rafael Devers set a team record when he homered for2024-05-22Taylor Swift enjoys another loved
Taylor Swift and Travis Kelce were relationship goals as they attended Coachella over the weekend.Th2024-05-22Mets rally in 7th and score the go
NEW YORK (AP) — Jose Hernandez balked home the go-ahead run in the seventh inning, Jeff McNeil added2024-05-22Jon Bon Jovi says son Jake and future daughter
Jon Bon Jovi expressed his excitement about his son Jake and soon-to-be daughter-in-law Millie Bobby2024-05-22UK court rules that extension of UK police powers to intervene in protests is unlawful
LONDON (AP) — Britain’s High Court ruled Tuesday that new regulations that gave U.K. police more pow2024-05-22China joins int'l IP cooperation initiative to enhance patent prosecution processes
BEIJING, April 14 (Xinhua) -- The China National Intellectual Property Administration (CNIPA) announ2024-05-22
atest comment