"Powell Signals Delay in Interest Rate Cuts Amid Stalled Inflation Progress"

Federal Reserve Chair Jerome Powell stated that while the U.S. economy is strong, there has been a "lack of further progress" in reaching the central bank's 2% inflation goal this year, indicating that interest rate cuts are unlikely in the near future. Powell emphasized the need for greater confidence in sustained inflation progress before considering easing policy, as recent data have not provided that assurance. The Fed has maintained its benchmark interest rate at 5.25%-5.5% since July 2023, and Powell suggested that the current level of policy will remain in place until inflation shows more progress.