Fed Chair Powell Signals Patience on Rate Cuts Amid Slowing Inflation

Despite significant progress, the Federal Reserve awaits more data to ensure inflation trends down to the 2% target before easing policy.

Federal Reserve Chair Jerome Powell underscores the need for more evidence before cutting interest rates.
Recent data shows inflation easing, but not yet at the Fed's 2% target.
Powell anticipates inflation might not reach the target until late 2025.
The Fed's current interest rate remains at a 23-year high of 5.25-5.5%.
Economic growth and employment remain strong, allowing the Fed to proceed cautiously.