Fed Chair Powell Signals Delay in Interest Rate Cuts Amid Persistent Inflation

Jerome Powell indicates that the US Federal Reserve may maintain higher interest rates longer than anticipated due to ongoing inflation concerns.

US Fed Chair Jerome Powell signals a potential delay in expected interest rate cuts, citing the need for more confidence in reducing inflation to the target level.
Recent data shows inflation remains above the Fed's 2% target, with strong job growth contributing to price stability rather than decline.
Analysts suggest that the excess money from pandemic-era policies may still be impacting the economy, complicating efforts to reduce inflation.
Global markets react to the prospect of 'higher for longer' interest rates, with significant implications for borrowing costs and economic growth.
The UK also reports a slower decrease in inflation rates, with the Bank of England facing similar challenges in balancing economic growth and inflation control.