Federal Reserve Chair Jay Powell said Tuesday that he is encouraged by cooler inflation readings but reinforced that the central bank will need to see more...
Federal Reserve Chair Jay Powell said Tuesday that he is encouraged by cooler inflation but reinforced that the central bank will need to see more evidence before cutting interest rates.
The reading offered new support for rate cuts later this year, easing concerns that mounted during the first quarter that hotter-than-expected inflation could upend plans for an loosening of monetary policy in 2024. “We've made a lot of progress,” said Powell. “we just want to understand that the levels that we're seeing are a true reading on what is actually happening with underlying inflation.”
Powell on Tuesday also declined to discuss what the policies of Republican presidential candidate Donald Trump might mean for monetary policy.He emphasized that the Fed would continue to try to stay out of politics. However, he did note that there is "very broad support" for an independent central bank from both political parties.
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