RELATED: U.S. Fed says it won’t cut rates until it has ‘greater confidence’ on inflation – May 1, 2024Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates.reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path.”
“We just want to understand that the levels that we’re seeing are a true reading of underlying inflation,” he added.On Friday, the government reported that consumer prices, according to the Fed’s preferred measure, were unchanged from April to May, the mildest such reading in more than four years. And compared with a year earlier, inflation dropped to just 2.6% in May, from 2.7% in April, the government said.