Fed's Powell: Elevated inflation will likely delay rate cuts this year
Time:2024-05-29 00:28:33 Source:styleViews(143)
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.
Previous:Infuriated Ukrainians demand end to lifeline that lets Russian POWs phone home
Next:Trump hush money trial: Prosecution, defense look to score final points
You may also like
- Shohei Ohtani lost sleep after translator was accused of stealing millions of dollars from him
- Rockies call up highly
- Alabama lawmakers propose compromise on gambling bill with lottery, electronic wagering machines
- Kansas has new abortion laws while Louisiana may block exceptions to its ban
- Lawyers say Egyptians cleared in Greece over migrant shipwreck remain unfairly detained
- Royal Troon to feature the longest hole in British Open history
- St. John's Chris Ledlum and Jordan Dingle suing NCAA for denying them 2024
- After a strong first round, overall NFL draft ratings down 3 percent from last year
- Blake Snell remains winless with Giants but focuses on positive strides while awaiting baby