Jerome Powell. Photographer: Tierney L. Cross/Bloomberg.
Federal Reserve Chair Jerome Powell said second-quarter economic data has provided policymakers greater confidence that inflation is heading down to the central bank's 2 percent goal, possibly paving the way for near-term interest rate cuts.
Powell highlighted the three latest inflation readings, though he made clear he didn't intend to send any specific message about the timing of rate reductions. He also cemented a shift in tone toward emphasizing potential risks to the labor market, alongside the Fed's continued focus on taming prices.
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