Jerome H. Powell reiterated policymakers' intention to keep interest rates at a high level until proof of inflation decline, despite initial plans for rate cuts.
Recent rapid inflation surprised officials, leading to a pause in rate cuts. The Fed is prepared for potential rate cuts but currently maintains a hold for inflation control.
Mr. Powell expects growth, a robust labor market, and a slowdown in inflation ahead. The challenge lies in allowing restrictive policies to take effect patiently.
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