Golden Finance reported that Federal Reserve Chairman Powell said the Fed needs to be patient and wait for more evidence that high interest rates are curbing inflation, thus doubling the need to keep interest rates high for a longer period of time. Powell expects inflation to decline on a monthly basis, but the first quarter price data has weakened his confidence. The lack of further progress in inflation in the first quarter of the United States is noteworthy. The Fed does not think that it is a smooth road to fight inflation, but recent data is higher than anyone expected. This tells people that they need to be patient and let restrictive policies work.