Powell Reiterates Fed Likely to Keep Rates Higher for Longer
- Officials should be patient and let restrictive policy work
- Powell flags lack of inflation progress in the first quarter
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Federal Reserve Chair Jerome Powell said the US central bank must be patient and wait for evidence that inflation continues to cool, doubling down on the need to keep borrowing costs elevated for longer.
The Fed chief said recent inflation figures indicate it will likely take more time than previously thought to attain the confidence needed to lower interest rates, echoing comments he made earlier this month.