"Powell Cautious on Interest Rate Cuts Amid Inflation Concerns"

Federal Reserve Chair Jerome Powell stated that the central bank will cut its benchmark interest rate this year, but not imminently, as he emphasized the need for more evidence of falling inflation. Powell highlighted the risks of cutting rates too soon or too late, signaling a shift from the Fed's previous stance. While most analysts and investors anticipate a rate cut in June, Powell provided no specific timing. The effort to balance these risks comes amid intensified efforts by the Biden administration to address public frustration with inflation, which has moderated but remains a key concern.