Federal Reserve Chair Jerome Powell on Tuesday said that it is taking longer than previously expected for inflation to reach the central bank's 2% target.
Federal Reserve Chair Jerome Powell on Tuesday said that recent inflation reports show a "lack of further progress" in taming price pressures within the economy, casting fresh doubt on how soon the central bank may cut interest rates this year. "More recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2% inflation goal," the Fed chief said.
401 'HARDSHIP' WITHDRAWALS SURGE TO ANOTHER RECORD AS HIGH INFLATION STINGS Officials will hold their next meeting on April 31-May 1. Most investors now expect the Fed to begin cutting rates in September and are penciling in just two reductions this year — a dramatic shift from the start of the year, when they anticipated six rate cuts beginning as soon as March.
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