Fed chair Jerome Powell: high inflation likely to delay rate cuts this year

US central banker says ‘recent data have clearly not given us greater confidence’ that inflation coming fully under control

The Federal Reserve chair, Jerome Powell, cautioned on Tuesday that persistently elevated inflation will probably delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates.

“Recent data have clearly not given us greater confidence” that inflation is coming fully under control and “instead indicate that it’s likely to take longer than expected to achieve that confidence”, Powell said during a panel discussion at the Wilson Center.

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