Fed's Powell says confidence that inflation will slow is 'not as high' as before

Federal Reserve Chair Jerome Powell reiterated Tuesday that the central bank will be patient and wait for evidence that inflation is slowing before it cuts interest rates. 

Speaking during a panel discussion in Amsterdam, Powell said that recent inflation figures – which have come in higher than expected since the start of the year – suggest it will take longer than previously thought to attain the confidence needed to start loosening monetary policy.  

"We did not expect this to be a smooth road, but these were higher than I think anybody expected," he said. "What that has told us is that we will need to be patient and let restrictive policy do its work."