Federal Reserve Chair Jerome Powell said the U.S. economy, while otherwise strong, has not seen inflation come back to the central bank’s goal, pointing…
Federal Reserve Chair Jerome Powell said the U.S. economy, while otherwise strong, has not seen inflation come back to the central bank's goal, pointing to the further unlikelihood that interest rate cuts are in the offing anytime soon.
"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 during a panel talk. Since July 2023, the Fed has kept its benchmark interest rate in a target range between 5.25%-5.5%, the highest in 23 years. That was the result of 11 consecutive rate hikes that began in March 2022.
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