Powell hints at delaying rate cut as inflation continues to be sticky

Federal Reserve Chairman Jerome Powell said recent inflation data suggests it may take longer for the central bank to gain the confidence it needs to cut interest rates. Powell noted the lack of further progress on inflation after the rapid growth experienced late last year He said that if price pressures persist, the Fed can keep rates steady for as long as needed. He said that with the sharp and surprising progress in the labor market, it would be appropriate to allow more time for sexual policy to play a role and for data and the changing outlook to guide the Fed.