WASHINGTON (AP) — Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said in prepared remarks Friday.
He added, "It would be premature to conclude with confidence" that the Fed has raised its benchmark interest rate high enough to fully defeat high inflation.
Nor is it time to “speculate on when policy might ease," Powell said, referring to the possibility of cuts in the Fed's benchmark interest rate, which affects many consumer and business loans.
Political Cartoons View All 1274 ImagesThe Fed's policymakers are expected to leave interest rates alone when they next meet Dec. 12-13.
Beginning in March 2022, the Fed raised its key rate 11 times from near zero — to about 5.4%, the highest level in 22 years.
Persons:
Jerome Powell, Powell, That's
Organizations:
WASHINGTON, Federal Reserve, Spelman College
Locations:
Atlanta