"Powell Expresses Concern Over Inflation, Stock Futures Inch Higher"

Federal Reserve Chair Jerome Powell stated that while the US economy is strong, inflation has not returned to the central bank’s goal, indicating that interest rate cuts are unlikely in the near future. Powell emphasized the need for further progress towards the 2% inflation goal before considering policy changes, as recent data has not provided greater confidence in achieving this target. The Fed has maintained its benchmark interest rate at the highest level in 23 years, and financial markets have adjusted their expectations for rate cuts this year based on evolving data.