Federal Reserve Chair Jerome Powell said on Tuesday that inflation has not fallen fast enough for the central bank to begin cutting interest rates.
Federal Reserve Chair Jerome Powell said on Tuesday that he didn’t anticipate inflation returning to its 2% target before the end of next year at the earliest — and would not commit to cutting interest rates this year.
Speaking at an economic policy conference in Portugal, Powell said policymakers need more evidence that inflation is in check before the Fed begins slashing 23-year-high interest rates.
“We just want to understand that the levels that we’re seeing are a true reading on what is actually happening with underlying inflation,” Powell said the conference sponsored by the European Central Bank.
“We want to be more confident, and frankly because the US economy is strong … we have the ability to take our time.
