Fed's Powell: Latest data 'add somewhat to confidence' inflation is returning to 2%

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WASHINGTON: Federal Reserve Chair Jerome Powell said on Monday the three U.S.inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off.

And I would say that we didn't gain any additional confidence in the first quarter, but the three readings in the second quarter, including the one from last week, do add somewhat to confidence".

"In the second quarter, actually, we did make some more progress" on taming inflation, Powell said at an event at the Economic Club of Washington.

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Category: EconomyBusiness

Markets: Malaysia

Topics: Yield Interest rate Inflation Economy /Business/Business News Bond Fed Jerome Powell

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-16 @ 08:25:00 (18 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 719 words

Reading Time: 4 minutes read

Sentences: 26 lines

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News ID: 21642616

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