Powell: Economy Strong But More Progress Needed on Inflation Before Rate Cuts

• Fed Chair Powell says U.S. economy strong overall but lacking "further progress" on getting inflation to 2% target

• Indicates interest rate cuts not likely soon given inflation still drifting higher recently

• Benchmark interest rate likely to stay at current high level until inflation gets closer to target

• Financial markets have had to adjust expectations for rate cuts this year from as many as 7 to maybe 1 or 2

• Powell notes recent data has not inspired greater confidence that inflation moving sustainably to 2% goal