Federal Reserve Bank Chair Jerome Powell speaks during the Stanford Business, Government and Society Forum at Stanford University on April 03, 2024 in Stanford, California.
Justin Sullivan | Getty ImagesFederal Reserve Chairman Jerome Powell said Wednesday it will take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.
"We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent," he added.
"Recent readings on both job gains and inflation have come in higher than expected," Powell said.
The uncertainty about rates has caused some consternation in markets, with stocks falling sharply earlier this week as Treasury yields moved higher.
Persons:
Jerome Powell, Justin Sullivan, Powell, Raphael Bostic, Mary Daly, Cleveland's Loretta Mester
Organizations:
Bank, Stanford Business, Government, Society, Stanford University, Getty, Federal, Market, Atlanta Fed, CNBC, San Francisco Fed, Group
Locations:
Stanford , California