Powell notes inflation is easing, downplays discussion of rate cuts
World BusinessDec 3, 2023
WASHINGTON (AP) -- Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said. Speaking at Spelman College in Atlanta, Powell noted that consumer prices, excluding volatile food and energy costs, rose at just a 2.5 percent annual rate in the past six months. That’s not far above the Fed’s 2 percent inflation target. Still, more progress is needed, Powell said. He added, “It