Photo: Jerome Powell, chairman of the U.S. Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., on November 1, 2023. Photographer: Al Drago/Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, during a news conference on November 1, 2023. Photographer: Al Drago/Bloomberg

Eight months after raising interest rates to a two-decade high, Federal Reserve Chair Jerome Powell and his colleagues are moving closer to dialing back their inflation fight.

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