"Powell Stresses Need for More Evidence Before Cutting Rates, Sees Potential for Cuts This Year"

Federal Reserve Chair Jerome Powell emphasized the need for more evidence that inflation is decreasing before considering a cut in interest rates, stating that it is premature to lower the policy rate until there is greater confidence that inflation is moving sustainably down toward 2 percent. The Federal Open Market Committee voted to maintain rates at 5.25% to 5.5% during its March meeting, with officials indicating that three rate cuts are still likely this year, contingent on the trajectory of inflation.