Fed’s Powell: On a path to make more progress on inflation, though likely to be ‘bumpy’ – The Hindu BusinessLine

https://www.thehindubusinessline.com/money-and-banking/feds-powell-on-a-path-to-make-more-progress-on-inflation-though-likely-to-be-bumpy/article67487619.ece

Clipped from: https://www.thehindubusinessline.com/money-and-banking/feds-powell-on-a-path-to-make-more-progress-on-inflation-though-likely-to-be-bumpy/article67487619.ece

Federal Reserve Board Chairman Jerome Powell answers a question 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, U.S., November 1, 2023. | Photo Credit: REUTERS

Federal Reserve Chair Jerome Powell on Wednesday said the U.S. central bank is on a path to make more progress in lowering inflation back to its targeted rate of 2% but that progress was likely to come “in lumps” and be “bumpy.”

Powell’s remark came at his press conference following the Fed’s latest interest rate policy meeting, at which officials opted to leave rates unchanged at 5.25%-5.50%. Inflation by the Fed’s preferred measure has come in at 3.4% for three straight months after initially falling sharply from 7.1% in June 2022.

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