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Powell Reaffirms Fed Is Waiting To Cut Interest Rates In Testimony On Capitol Hill

Federal Reserve Chairman Jerome Powell stuck to his script that it is not yet time to begin cutting interest rates on Wednesday in the first of two appearances this week on Capitol Hill.

The Fed has taken interest levels to their highest in decades in a battle to bring inflation down to the central bank’s 2% annual target. Although significant progress has been made, prices remain sticky, especially for items like housing and groceries.

A stronger-than-expected economy to start 2024 has delayed the likely start of cuts to interest rates that were once thought to be on the table for this month, but now seem more likely in May or June.

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This post originally appeared at U.S. News & World Report.