Fed Chair: Driving down inflation towards target could take longer than expected

Economies.com
2024-04-16 20:10PM UTC

Fed Chair Jerome Powell said in a symposium earlier today that inflation has stiffened and held in its place during the first quarter, raising concerns about the prospects of interest rate cuts in 2024.

 

Powell added that it’s clear that recent inflation data didn’t give the Fed enough confidence that inflation is heading towards the target, and it could take longer than expected.

 

He said recent data shows strong economic growth and labor momentum, but little progress in bringing inflation towards 2%. 

 

He asserted the Fed will hold onto its current policies until inflation sustainably approaches the targets. 

Forex and Currency News

Forex News

Forex

Dollar gives up one-week high ahead of Waller's remarks
2024-05-24 12:04PM UTC
Dollar fell in European trade on Friday against a basket of major rivals, giving up one-week highs ...
GBP/USD news

Forex

Sterling backs off two-month high after grim data
2024-05-24 07:44AM UTC
Sterling fell in European trade on Friday against a basket of major rivals, extending losses for ...
USD/JPY news

Forex

Yen hovers near three-week low under supervision of BOJ
2024-05-24 04:05AM UTC
Yen declined in Asian trade on Friday against a basket of major rivals, extending losses for the ...

Forex Technical Analysis

GBP USD Analysis

Forex

The GBPUSD forecast update 24-05-2024
2024-05-24 09:12AM UTC
GBPUSD Price Analysis Expected Scenario The GBPUSD price trades positively to attempt to ...
EUR USD Analysis

Forex

The EURUSD price forecast update - 24-05-2024
2024-05-24 09:12AM UTC
EURUSD Price Analysis Expected Scenario The EURUSD price shows some bullish bias to test ...
Technical Analysis

Forex

The GBPCAD continues to rise – Forecast today – 24-5-2024
2024-05-24 09:01AM UTC
GBPCAD Price Analysis Expected Scenario The GBPCAD price repeated the positive closings ...