from Zero Hedge
In prepared remarks, released ahead of his ‘Humphrey-Hawkins’ testimony this morning, Fed Chair Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation.
“The committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%,” Powell confirmed.
The snoozer of prepared remarks simply reiterate the more-hawkish stance that has appeared recently after proclaiming the pivot prompted rational exuberance in every quarter of the markets.