Fed Chair Jerome Powell has tempered hopes of imminent interest rate cuts in light of persistently high inflation in the USA. Powell stated in Washington on Tuesday that recent data has not provided greater confidence, particularly in relation to the latest inflation data. If inflation rates continue to remain high, the US Federal Reserve will maintain a strict monetary policy for as long as necessary.
The new figures indicate that it may take longer than expected to achieve the desired confidence in the economy. In March, consumer prices rose by 3.5 percent compared to the same month last year, surpassing expectations. The Fed aims for an inflation rate of two percent and the strong US labor market suggests that interest rate cuts may be delayed.
At the most recent meeting in March, the Fed decided to keep key interest rates stable and indicated potential cuts later in the year. The current key interest rate range of 5.25 to 5.5 percent is the highest it has been in over two decades, with commercial banks able to borrow central bank money at this rate.
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