Fed Plans Gradual Interest Rate Cuts to Fight Inflation, Powell Says

• Powell says Fed is on track to cut interest rates 3 times in 2024 to fight inflation • Inflation cooling steadily, measured at 2% target rate in late 2023 • Economy remains strong with no sign of recession • Powell admits Fed misjudged duration of inflation surge in 2021-2022 • Some Fed officials urge caution about rate cuts until more evidence inflation is checked