Fed Holds Steady, Wants More Proof of Falling Inflation Before Considering Rate Cuts

• Fed needs to see sustainable price stability before considering rate cuts • Powell said the Fed isn't yet convinced progress towards 2% inflation is assured • Fed won't cut rates until confident inflation is sustainably moving to 2% target
• Several policymakers want to see longer period of cooling inflation before easing • Reducing policy restraint too soon could reverse progress on inflation