🌐🇺🇸 Urgent: Federal Reserve Chairman Jerome Powell:
• The first quarter data did not support greater confidence in the inflation path that the Federal Reserve needs to cut interest rates.
• Lowering the interest rate is not appropriate until the Federal Reserve gains greater confidence and inflation is sustainably moving towards 2%.
• High inflation is not the only risk we face.
• More good data would enhance our confidence in inflation.
• We have made significant progress towards the 2% inflation target, and recent monthly readings show more modest progress.
• Restrictive policy helps ease downward pressure on inflation.
• The internal oversight of the U.S. economy is expanding at a strong pace.
• The risks facing achieving employment and reaching a better balance of inflation targets.
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