Fed Chair Powell sees progress on inflation, though not quickly enough

While inflation is showing signs of cooling, the Federal Reserve believes it is not happening quickly enough.

Chair Jerome Powell presented a nuanced perspective on Wednesday regarding the Fed’s approach to the challenge of managing inflation, which is currently below its peak but still above the central bank’s target of 2%.

Powell indicated that the Fed plans to give it more time and potentially implement additional interest rate hikes to address the situation.

Despite this cautious stance, Powell expressed optimism that the necessary trends to further slow inflation are beginning to take shape.

These trends include lower rents and slower wage growth, which are expected to contribute to a decrease in inflationary pressures, the Associated Press reports.

READ MORE: https://apnews.com/article/interest-rates-inflation-federal-reserve-economy-f6318be5023f6e50afc115778c9ec174

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