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Powell: We have not reached the inflation target set by the US Federal Reserve
US Federal Reserve Chairman Jerome Powell said that so far no progress has been made to reach the inflation target set by the US Federal Reserve to proceed with measures to reduce interest rates.
Powell pointed out that the US economy, despite its strength, has not seen inflation return to the central bank's target.
Powell dampened any hopes of an imminent cut in interest rates, speaking at a policy forum focused on economic relations between the United States and Canada, where Powell said that “while inflation continues to decline, the current policy posture should remain as it is.”
“The latest data shows strong growth and continued strength in the labor market, but also the lack of further progress so far this year on returning to the 2% inflation target,” the Fed Chairman said during a panel discussion.
He echoed recent statements by US Federal Reserve officials, where Powell indicated that the current level of policy is likely to remain in place until inflation approaches the target.
