Powell says Fed has made “quite a bit of progress” on inflation but needs more confidence before cutting

Source: CNBC

“Federal Reserve Chair Jerome Powell expressed satisfaction Tuesday with the progress on inflation over the past year but said he wants to see more before being confident enough to start cutting interest rates. … Powell spoke at a forum that also included European Central Bank President Christine Lagarde and Brazil central bank Governor Roberto Campos Neto. The forum is presented by the ECB and the discussion was moderated by CNBC’s Sara Eisen. The comments come with markets closely watching moves from the Fed and its global counterparts as inflation shows signs of easing and some central banks, including the ECB, have slowly started rolling back interest rates.” (07/02/24)