Fed Chair Jerome Powell signaled that it will likely take longer to cut rates, saying it will take 'longer than expected' to achieve the confidence needed to...
Federal Reserve Chair Jerome Powell said Tuesday that it will take "longer than expected" to achieve the confidence needed to get inflation down to the central bank’s 2% target, signaling that it will likely take longer to cut rates.
He underscored that three and six month measures of inflation based on PCE are actually above that level. The Consumer Price Index rose 3.5% over the prior year in March, an acceleration from February's 3.2% annual gain in prices and more than economists expected. While inflation has been stickier in the first quarter, underscoring reasons not to cut rates, the job market has also turned in stronger readings on jobs, and retail sales for March showed consumers continue to spend at a solid clip.
-- Donald Trump’s social media startup tumbled on Monday, extending a two-week slump, after the company took a first step toward allowing the former president and other insiders to capitalize on their stakes.
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