Photo: Jerome Powell, chairman of the U.S. Federal Reserve, speaks during Stanford's 2024 Business, Government, and Society forum in Stanford, California, on April 3, 2024. Photographer: Loren Elliott/Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, speaks during Stanford's 2024 Business, Government, and Society forum in Stanford, California, on April 3, 2024. Photographer: Loren Elliott/Bloomberg

Federal Reserve Chair Jerome Powell signaled that U.S. central bankers will wait longer to cut borrowing costs following a series of surprisingly high inflation readings, which reduces room for easier policy around the world.

Global finance chiefs convening in Washington for the International Monetary Fund (IMF)–World Bank spring meetings are sweating the strength of the U.S. economy, as elevated interest rates and a strong dollar force other currencies lower and complicate plans to bring down borrowing costs.

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