Fed's Powell: Elevated inflation will likely delay rate cuts this year
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates.
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“Recent data have clearly not given us greater confidence" that inflation is coming fully under control and "instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion at the Wilson Center.
“If higher inflation does persist," he said, “we can maintain the current level of (interest rates) for as long as needed.”
Wonder how long until the market understands it might be a while before they cut? They are going through a period of denial.
Meh, anyone who didn’t see this coming is an fookin' idiot.
Better get them CDs while they are on the upswing.
