Powell Maintains Neutral Stance on Rates Ahead of April Speech Despite Market Pressure
• Jerome Powell has a speech coming up on April 3rd, just days after suggesting rate cuts may not come until later in the year • Powell has worn a neutral demeanor this year, maintaining expectations for rate cuts while conceding rates may stay higher for longer • Consumer prices rose 2.5% in February, hinting the final leg in the inflation war may be difficult • Equity markets have responded poorly to Powell's recent statements, with the S&P 500 and Nasdaq falling 1% and 1.3% this week • Powell affirmed the Fed's commitment to bringing inflation down to 2% over time, though markets believe that goal will be achieved