Jerome Powell, chair of the U.S. Federal Reserve, during a fireside chat at the Wilson Center in Washington, D.C., on April 16, 2024. Photographer: Samuel Corum/Bloomberg.
Federal Reserve Chair Jerome Powell signaled that policymakers will wait longer than previously anticipated to cut interest rates following a series of surprisingly high inflation readings.
Powell pointed to the lack of additional progress made on inflation after the rapid decline seen at the end of last year, noting it will likely take more time for officials to gain the necessary confidence that price growth is headed toward the Fed's 2 percent goal before lower borrowing costs. If price pressures persist, he said, the Fed can keep rates steady for "as long as needed."
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