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Fed Chair Powell: Progress on Inflation, But More Confidence Needed Before Rate Cuts
I recently attended a central banking forum in Sintra, Portugal, where I shared my satisfaction with the progress made in combating inflation over the past year. While we've made significant headway in steering inflation back towards our 2% target, I emphasized the need for further progress before considering a reduction in interest rates.
Recent inflation readings indicate a shift towards disinflation, which is a positive development. However, I stressed the importance of ensuring a sustainable decline in inflation towards the 2% mark. To achieve this, I need heightened confidence before initiating any policy adjustments.
The forum, organized by the European Central Bank (ECB), brought together key figures in the central banking arena, including Central Bank President Lagarde and central bank Governor Campos Neto, to discuss crucial economic matters.
Original Article: https://www.cnbc.com/2024/07/02/powell-says-fed-has-made-quite-a-bit-of-progress-on-inflation-but-needs-more-confidence-before-cutting.html
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