Fed Chief Not Ready to Lower Interest Rate Until Inflation is Under Control

Despite some positives out of the U.S. economy due to post-COVID supply chain healing, Federal Reserve Chairman Jerome Powell on Wednesday says he does not expect it to be appropriate to lower the Fed's interest rate until there is "full confidence' inflation will come down to the long-discussed 2% target. Powell made the announcement in front of attendees at the 2024 Business, Government & Society Forum at the Stanford Graduate School of Business in California. While Powell told his audience he believes growth is stronger and inflation is moving in a positive direction, he wanted to look at incoming data before making a move on rates