Fed's Powell: Recent price data bolstering confidence inflation moderating
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FILE PHOTO: Federal Reserve Chair Jerome Powell delivers remarks during a press conference in Washington, U.S., June 12, 2024. REUTERS/Evelyn Hockstein/File Photo
NEW YORK (Reuters) - Federal Reserve Chair Jerome Powell said recent inflation data is increasing the central bank's confidence that inflation pressures are moving back to the 2% target.
After inflation data moderated in the second quarter, Fed officials have "gained greater confidence" price pressures are moderating in way that will open the door to a rate cut, Powell said in a press conference following the Fed's latest policy meeting where they kept interest rates steady.
(Reporting by Michael S. Derby; Editing by Chris Reese)
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