Fed's Powell still expects rate cuts, but inflation progress "not assured"

U.S. Federal Reserve Chair Jerome Powell said on Wednesday that continued progress on inflation "is not assured," though the central bank still expects to reduce its benchmark interest rate later this year.

"If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year," Powell said in remarks prepared for delivery to the House Financial Services Committee as U.S. lawmakers prepare to face inflation-weary voters in a charged presidential election year.

"But the economic outlook is uncertain, and ongoing...