Chair Jerome Powell said the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut rates before the pace of price increases actually reached that point.
FILE - Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, June 12, 2024. Powell will be interviewed at the Economic Club of Washington on Monday, July 15, 2024, about the U.S. and global economies, the central bank's efforts to tame inflation and the data it tracks as it seeks to keep the economy growing.
After several high inflation readings at the start of the year had raised some concerns, Fed officials said they would need to see several months of declining price readings to be confident enough that inflation was fading sustainably toward its target level. June was the third straight month in which inflation cooled on an annual basis.
But in a call with reporters, Daly struck an upbeat tone, saying that June’s consumer price report showed that “we’ve got that kind of gradual reduction in inflation that we’ve been watching for and looking for, which ... is actually increasing confidence that we are on path to 2% inflation.” Thursday’s inflation report reflected a long-anticipated decline in rental and housing costs. Those costs had jumped in the aftermath of the pandemic as many Americans moved in search of more spacious living space to work from home.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal Reserve Chair Jerome Powell: Migration Is ‘Neutral’ for InflationSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Federal Reserve's Powell says 'more good data' could open door to interest rate cutsFederal Reserve Chair Jerome Powell told a Senate panel that the economy has returned to its pre-pandemic level: 'strong, but not overheated.'
Read more »
Federal Reserve chair says America's labor market is back in balanceIt's a flip from the past three years when the too-hot labor market was a reason to keep rates high.
Read more »
Fed boss tells Congress more 'good data' is required before a rate cut happensFederal Reserve Chairman Jerome Powell noted that the U.S. economy appears headed for a better balance.
Read more »
Fed Chair Powell scheduled for July 9 Senate Banking testimonyFed Chair Powell scheduled for July 9 Senate Banking testimony
Read more »
Watch Fed Chair Jerome Powell's remarks on interest rate policy and the economyThese will be Powell’s first remarks since the June CPI report showed inflation cooling.
Read more »