Federal Reserve chair Jerome Powell said Tuesday that hot US inflation data has lowered his level of confidence that price rises will slow back down towards the bank's long-term target.
Federal Reserve chair Jerome Powell said his confidence that inflation would return to the levels seen last year had declined. Photo: Andrew Caballero-Reynolds / AFP/FileFederal Reserve chair Jerome Powell said Tuesday that hot US inflation data has lowered his level of confidence that price rises will slow back down towards the bank's long-term target.
"We did not expect this to be a smooth road, but these were higher than I think anybody expected," he continued."And so what that has told us is we'll need to be patient and let restrictive policy do its work." Powell said that, while he still expected inflation to move back down towards the levels seen last year,"my confidence in that is not as high as it was having seen these readings in these first three months of the year."But despite the recent uptick in inflation, Powell said he did not think it was necessary to raise rates from their current"restrictive" levels.
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