Key Points
Federal Reserve Chair Jerome Powell on Friday reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it won't be ready to do so until it sees "more good inflation readings'' and is more confident that annual price increases are falling toward its 2 per cent target..
Speaking at a conference at the Federal Reserve Bank of San Francisco, Powell said he still expected "inflation to come down on a sometimes bumpy path to 2 per cent"...
But the central bank's policymakers, he said, need to see further evidence before they would cut rates for the first time since inflation shot to a four-decade peak two years ago...
The combination of sturdy growth and decelerating inflation has raised hopes that the Fed is engineering a "soft landing'' - taming inflation without causing a recession..
But the economy's strength, Powell said, means the Fed isn't under pressure to cut rates and can wait to see how the inflation numbers come in...
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