FILE - Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, June 12, 2024. Powell will be in Portugal on Tuesday, July 2, 2024, to take part in a panel discussion on central banking policy with members of the European Central Bank.
After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path."Speaking in a panel discussion at a monetary policy conference in Sintra, Portugal, Powell said Fed officials still want to see annual price growth slow further toward their 2% target before they would feel confident of having fully defeated high inflation.
“We just want to understand that the levels that we’re seeing are a true reading of underlying inflation," he added. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.