The US Federal Reserve has become more confident that inflation is moving back down to its 2 per cent target, the central bank’s chair said on Monday, in the latest sign that it is preparing to cut interest rates.
Speaking at the Economic Club of Washington, Jay Powell appeared optimistic about a drop in inflation signalled in last week’s consumer price index report, which showed price pressures were easing in the US.
“Our test has been for quite some time that we want to have greater confidence that inflation was moving sustainably down towards our 2 per cent target, and what increases confidence in that is more good inflation data,” said Powell. “And lately, we have been getting some of that.”
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