Fed's Powell says confidence that inflation will slow is 'not as high' as before

Federal Reserve Chair Jerome Powell reiterated Tuesday that the central bank will be patient and wait for evidence that inflation is slowing before it cuts interest rates. Speaking during a panel discussion in Amsterdam, Powell said that recent inflation figures – which have come in higher than expected since the start of the year – suggest it will take longer than previously thought to attain the confidence needed to start loosening monetary policy.

" HOME PRICES SURGE TO ANOTHER RECORD HIGH IN FEBRUARY Powell's comments came shortly after the Labor Department reported that the producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.5% in April from the previous month. On an annual basis, prices remain up 2.2% – the highest level since April 2023. While inflation has fallen considerably from its peak, progress has largely flatlined since the summer.

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