The Fed's steps to slow inflation may finally be working. Here are 5 takeaways this week about the fight against rising prices.
Price tags are displayed at a New York City supermarket on Dec. 14. Inflation has eased recently, but more evidence is needed to show that price increases are coming down in the long term, Fed Chair Powell said Wednesday.
After hitting a four-decade high of 9% in June, annual inflation dipped to 7.1% last month, according to the government's latest scorecard. That's the smallest annual price increase in 11 months. "I wouldn't see us considering rate cuts until the committee is confident that inflation is moving down to 2% in a sustained way," Fed Chairman Jerome Powell said on Wednesday.
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