Posted 3/31/2024, 3:30:31 PM
Fed Remains Patient on Rate Cuts Despite Cooling Inflation
- Powell says Fed wants to see more evidence of declining inflation before cutting interest rates
- Inflation has fallen from 9.1% in June 2022 to 3.2% in January, but still above 2% target
- Economy and job market have remained strong despite rate hikes intended to tame inflation
- Fed expects to cut rates 3 times this year, but isn't under pressure to do so yet
- Powell doesn't want to declare victory over inflation yet in case it jinxes the progress
