After three straight hotter-than-expected inflation reports, Federal Reserve officials have turned more cautious about the prospect of interest rate cuts this year.
FILE - Federal Reserve Board chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, March 20, 2024. The Federal Reserve wraps up its two-day policy meeting Wednesday, May 1, 2024. Most analysts expect that the central bank will leave its benchmark borrowing rate alone for the sixth straight meeting. , Federal Reserve officials have turned more cautious about the prospect of interest rate cuts this year.
“If higher inflation does persist,” the Fed chair said, “we can maintain the current level of for as long as needed.” If Powell avoids repeating that sentiment this time, it could suggest that the Fed is less likely to reduce its benchmark rate this year. “I continue to see the risk that at a future meeting we may need to increase further should progress on inflation stall or even reverse,” Michelle Bowman, a member of the Fed’s Board of Governors, said in early April.
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