URGENT: Fed chief says can’t yet declare victory in fight against inflation

World Economy

The U.S. Federal Reserve cannot yet declare victory in its long-running attempt to cool high inflation, its Chair Jerome Powell said Wednesday.

“At this point, we think we have a ways to go,” Powell said at a press conference after the U.S. central bank left its benchmark interest rate unchanged at a 23-year high of 5.25-5.50 percent, citing solid economic growth, and indicated that the start of a rate-cut cycle may not be impending.

“That’s probably not the most likely case,” he said when asked about the possibility of a rate cut in March at the Fed’s next policy meeting.

Kyodo News

Kyodo News