Jerome Powell testifies about interest rates and inflation

Federal Reserve Chairman Jerome Powell told lawmakers on Wednesday that while inflation has cooled considerably in recent months, the central bank isn’t ready to cut rates yet. Powell said the central bank’s policy-setting committee “would like to see more data” that makes them more confident that inflation is moving down to their 2% target. “When we reach that confidence, the expectation is we will do so sometime this year, we can then begin dialing back,” Powell said.