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Interest rate cuts likely this year, but Fed wants more evidence of tamed inflation
By CHRISTOPHER RUGABER (AP Economics Writer)
WASHINGTON (AP) — Chair Jerome Powell reinforced his belief Wednesday that the Federal Reserve will cut its key interest rate this year but that it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2% target.
Powell noted that inflation is slowing for both goods and services and did not express concern about the government’s latest inflation data, which showed some pickup in price increases in January. Instead, he said that, according to the Fed’s preferred gauge, inflation “has eased notably over the past year” even though it remains above the Fed’s target.
The Fed chair’s remarks, in prepared testimony to a House committee, echoed the message he expressed at his most recent news conference on Jan. 31. At that time, he said the Fed’s interest-rate setting committee needed “greater confidence” that inflation was nearly in check before it would reduce its benchmark rate.
On the first of his two days of semi-annual testimony to Congress, Powell also suggested that the Fed faces two roughly equal risks: Cutting rates too soon — which could “result in a reversal of progress” in reducing inflation — or cutting them “too late or too little,” which could weaken the economy and hiring.