Fed member Powell says he needs more data to gain confidence that inflation is cooling

Fed member Powell says he needs more data to gain confidence that inflation is cooling

Federal Reserve Chair Jerome Powell said the Fed will need more favorable data to be sure the time has come to cut its benchmark interest rate.

The Fed has reported six months of good inflation data and is confident that price pressures are approaching 2%, Powell said at a news conference after the Federal Open Market Committee meeting.

“We have confidence, but we want to have more confidence” that the cooling inflation data is sending “a real signal,” he said.

Source: Terra

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