“We have time to let the incoming data guide our decisions,” Powell said.
by Max Zahn
ABC News
The Federal Reserve will see if inflation moves beyond its current rough patch before imposing highly anticipated interest rate cuts, Fed Chair Jerome Powell said on Wednesday.
Addressing a business conference at Stanford University, Powell touted progress in the fight to cool price increases while acknowledging that such headway had stalled in recent months.
“On inflation, it’s too soon to say whether the recent readings represent more than just a bump,” Powell said.
“Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy,” Powell added.