WASHINGTON (NEWSnet/AP) — U.S. Federal Reserve Chairman Jerome Powell said Tuesday persistently elevated inflation is likely to delay any cut in the interest until later this year.
The most recent inflation report indicates it’s likely to take longer than expected to achieve confidence, Powell said during a panel discussion at Wilson Center.
“If higher inflation does persist, we can maintain the current level of restriction for as long as needed,” he said.
His comments suggest that, without additional evidence that inflation is falling, the central bank will conduct fewer than the three quarter-point reductions its officials had forecast.
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