Powell says Fed wants to see 'more good inflation readings' before it can cut rates

FILE - Federal Reserve chair Jerome Powell speaks during a news conference the Federal Reserve in Washington, March 20, 2024. On Friday, March 29, 2024, Powell takes part in a moderated discussion about interest rate policy at the Federal Reserve Bank of San Francisco.

The Fed responded to that bout of inflation by aggressively raising its benchmark rate beginning in March 2022. Eventually, it would raise its key rate 11 times to a 23-year high of around 5.4%. The resulting higher borrowing costs helped bring inflation down — from a peak of 9.1% in June 2022 to 3.2% last month. But year-over-year price increases still remain above the Fed’s 2% target.

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Jerome Powell may provide hints of whether Federal Reserve is edging close to rate cutsTwo weeks ago, Chair Jerome Powell suggested that the Federal Reserve was 'not far' from gaining the confidence it needed that inflation was headed sustainably toward its 2% target level, which would allow it to start cutting its benchmark interest rate.
Source: WashTimes - 🏆 235. / 63 Read more »

Powell may provide hints of whether Federal Reserve is edging close to rate cutsWASHINGTON (AP) — Two weeks ago, Chair Jerome Powell suggested that the Federal Reserve was “not far” from gaining the confidence it needed that inflation was headed sustainably toward its 2% target level, which would allow it to start cutting its benchmark interest rate.
Source: AP - 🏆 728. / 51 Read more »