US Federal Reserve chair Jay Powell said the central bank had made “considerable progress” in its mission to beat back inflation but sought “more good data” before cutting interest rates from their 23-year high.
Powell, in written testimony to the US Congress released on Tuesday, was optimistic that the US economy was returning to better balance, as the Fed tries to drive inflation back to its 2 per cent target.
Recent inflation reports — one of which showed the Fed’s preferred gauge dropping to 2.6 per cent in May — were encouraging and showed “modest further progress”, said Powell. But “more good data would strengthen our confidence that inflation is moving sustainably toward 2 per cent”.
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