Key Points
Washington: Federal Reserve Chair Jerome Powell said on Wednesday he was not yet ready to declare inflation had been beaten, but felt the U.S. remained on a path back to stable prices and continued low unemployment...
Powell and other Fed officials have said they will not cut interest rates until they have gained even greater confidence that inflation is headed back to the central bank's 2% target after a breakout surge during the pandemic...
"I do have some confidence of that," Powell said when asked directly during a congressional hearing if he felt that bar to cutting interest rates had been cleared, but "I am not ready to say that yet."..
Powell said he felt the U.S. was still heading towards a so-called soft landing where the Fed's inflation target is met without a punishing rise in the unemployment rate - an achievement many thought impossible when inflation in 2022 hit a 40-year-high and the Fed responded with a rapid tightening of borrowing costs...
The Fed's preferred measure of inflation, the Personal Consumption Expenditures Price Index, was 2.6% as of May; Powell reiterated the central bank will need to cut rates before the figure returns fully to 2%, but after the underlying momentum seems likely to take it there...
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