Fed needs more evidence to cut rates – Powell

Lagarde tells same Sintra panel that services inflation is making disinflation “bumpy”

Jerome Powell
Jerome Powell
Federal Reserve

Jerome Powell, chairman of the US Federal Reserve, said today (July 2) that he wants more evidence of inflation moving towards target before cutting the policy rate.

Powell said the fall of inflation measured by the personal consumption expenditures index, the Fed’s preferred inflation measure, to 2.6% in May represented “significant progress”.

But in remarks to the European Central Bank’s (ECB) conference in Sintra, Portugal, he emphasised that the Fed needs more evidence that underlying

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