Federal Reserve Chair Jerome Powell speaks during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, D.C., on Dec. 13, 2023.
Since July 2023, the Fed has kept its benchmark interest rate in a target range between 5.25%-5.5%, the highest in 23 years.
Powell added that until inflation shows more progress, "We can maintain the current level of restriction for as long as needed."
The comments follow inflation data through the first three months of 2024 that has been higher than expected.
The benchmark 2-year note , which is especially sensitive to Fed rate moves, briefly topped 5%, while the benchmark 10-year yield rose 3 basis points.
Persons:
Jerome Powell, Powell, hasn't
Organizations:
Federal, Committee, Federal Reserve, Washington , D.C, Fed, Treasury
Locations:
Washington ,, U.S, Canada