Fed Chair Jerome Powell: US inflation is slowing again, though it isn’t yet time to cut rates

2024-12-25 11:00:55 source: category:My

WASHINGTON (AP) — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates.

After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path.”

Speaking in a panel discussion at a monetary policy conference in Sintra, Portugal, Powell said Fed officials still want to see annual price growth slow further toward their 2% target before they would feel confident of having fully defeated high inflation.

“We just want to understand that the levels that we’re seeing are a true reading of underlying inflation,” he added.

More:My

Recommend

Anti-abortion advocates press Trump for more restrictions as abortion pill sales spike

Follow AP’s coverage of the election and what happens next. WASHINGTON (AP) — Anti-abortion advoc

After their toddler died in a bunk bed, a family sued. They were just awarded $787 million

A federal jury this week awarded damages of $787 million to the family of a 23-month-old boy who die

Ravens cornerback Marlon Humphrey to be sidelined by foot surgery

Baltimore Ravens cornerback Marlon Humphrey will undergo foot surgery and could miss the beginning o