Powell says Fed wants to see 'more good inflation readings' before it can cut rates

==========

Federal Reserve Chair Jerome Powell reiterated that the Fed expects to cut interest rates this year, but it won't be ready to do so until it sees 'more good inflation readings' and is more confident that annual price increases are falling toward its 2% target. The Fed responded to previous inflation by raising its benchmark rate 11 times to a 23-year high of around 5.4%. The resulting higher borrowing costs helped bring inflation down, but year-over-year price increases still remain above the Fed's 2% target. Powell stated that the economy's strength means the Fed isn't under pressure to cut rates and can wait to see how the inflation numbers come in.

#FederalReserve #InterestRates #Inflation

https://www.yahoo.com/news/powell-says-fed-wants-see-170646958.html