US Federal Reserve chair Jay Powell has said it is likely to take “longer than expected” for inflation to return to the central bank’s 2 per cent target and justify cuts to interest rates.
“We’ve said at the [Federal Open Market Committee] that we’ll need greater confidence that inflation is moving sustainably toward 2 per cent before it would be appropriate to ease policy,” Powell said on Tuesday.
“The recent [inflation] data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence.”
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