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Fed's Powell: Elevated inflation will likely delay rate cuts this year

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Federal Reserve Chair Jerome Powell cautioned 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.

LIVE: School Board discusses controversial plan that could close nearly 30 DCPS schoolsFILE - Federal Reserve Board Chair Jerome Powell speaks at the Business, Government and Society Forum at Stanford University in Stanford, Calif., April 3, 2024. On Tuesday, April 16, 2024, Powell will appear at the Washington Forum on the Canadian Economy.

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 Jefferson said he expects inflation to continue to slow this year with the Fed’s key rate “held steady at its current level.” But he omitted a reference to the likelihood of future rate cuts that he had included in a previous speech in February.

 

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