Federal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any Fed rate cuts until later this year, opening the door to a period of higher-for-longer interest rates.
FILE - Federal Reserve Board Chair Jerome Powell speaks at the Business , Government and Society Forum at Stanford University in Stanford, Calif., April 3, 2024. On Tuesday, April 16, 2024, Powell will appear at the Washington Forum on the Canadian Economy. WASHINGTON — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed rate cuts until later this year, opening the door to a period of higher-for-longer interest rates.
“If higher inflation does persist,” he said, “we can maintain the current level of for as long as needed.” Powell’s comments followed a speech earlier Tuesday by Fed Vice Chair Philip Jefferson, who also appeared to raise the prospect that the Fed would not carry out three cuts this year in its benchmark rate, which stands at a multi-decade high after 11 rate hikes beginning two years ago.IMF: Outlook for world economy is brighter, though still modest by historical standardsJefferson said he expects inflation to continue to slow this year with the Fed’s key rate “held steady at its current level.
Jerome Powell Federal Reserve System General News Business F U.S. News Washington News Government Regulations W Financial Services U.S. News Washington News
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed's Powell: Elevated inflation will likely delay rate cuts this yearFederal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any Fed rate cuts until later this year, opening the door to a period of higher-for-longer interest rates.
Read more »
Fed's Powell suggests that elevated inflation will likely delay rate cuts this yearFederal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any Fed rate cuts until later this year because “recent data have clearly not given us greater confidence” that price increases are under control.
Read more »
Forex Today: The Fed, the whole Fed and nothing but the FedThe Greenback managed to maintain its multi-session constructive bias well and sound and propel the USD Index (DXY) back above 104.00, albeit ephemerally.
Read more »
Dollar remains elevated; weakening risk appetite, Fed cut hopes supportDollar remains elevated; weakening risk appetite, Fed cut hopes support
Read more »
Persistently Elevated Inflation Complicates Federal Reserve's Plans to Cut Interest RatesPersistently elevated inflation, combined with economic growth, has complicated the Federal Reserve’s plans to cut interest rates this year.
Read more »
Higher gas and rents keep US inflation elevated, likely delaying Fed rate cutsGordon Severson sits down with an expert to discuss inflation and how you can combat it. Plus, a look at how you can save as prices change and more.
Read more »