The Fed needs to see inflation fall more before cutting interest rates, Powell says

It seems investors will have to wait longer as the Fed is not confident about cutting interest rates, even though inflation is cooling off. Federal Reserve Chair Jerome Powell stated on Tuesday that the central bank needs more data before cutting interest rates to make sure recent weak inflation readings accurately reflect underlying price pressures. At a monetary policy conference in Portugal sponsored by the European Central Bank, Powell stated, “We’ve made quite a bit of progress and in bringing inflation back down to our target,” as reported by CNBC....