Fed Chair Powell says inflation has been higher than thought, expects rates to hold steady

Federal Reserve Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period. Speaking to the annual general meeting of the Foreign Bankers’ Association in Amsterdam, the central bank leader noted that the rapid disinflation that happened in 2023 has slowed considerably this year and caused a rethink of where policy is headed. … However, Powell also repeated that he does not expect the Fed to be raising rates.
Source: CNBC