Inflation in the U.S. is slowing again, according to Federal Reserve Chair Jerome Powell, who added that the Fed will need more evidence before considering interest rate cuts.
After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path.”
Fed officials still want to see annual price growth slow further toward their 2% target before they would feel confident of having fully defeated high inflation, he said. Read more.