Fed Chief Dampens Hopes for Interest Rate Cuts as Inflation Rates Remain High
The hopes for imminent interest rate cuts in light of persistently high inflation in the USA have been dampened. Fed-Chief Jerome Powell expressed his concerns in Washington on Tuesday regarding the latest inflation data, stating that recent data has not given the Federal Reserve greater confidence. If the inflation rate remains consistently high, the Fed will continue to maintain a strict monetary policy for as long as necessary.
The new figures indicate that it may take longer than expected to build confidence in initiating any rate cuts. In March, consumer prices rose by 3.5 percent compared to the same month last year, higher than expected. The Fed’s target inflation rate is two percent, and the strong performance of the US labor market has increased the likelihood that interest rate cuts may come later than anticipated.
At their most recent meeting in March, the Fed decided to keep key interest rates stable in the range of 5.25 to 5.5 percent, the highest it has been in over two decades. Commercial banks can borrow money from the central bank at this rate.
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