US February inflation data 'along the lines' of what Fed wants, Powell says:
reuters.com/markets/us/powell-update-views-policy-inflation-remains-sticky-2024-03-29/
Quick Glance: US February Inflation Data Aligns with Fed's Expectations, Powell States
- The latest U.S. inflation data aligns with what the Federal Reserve wants to see, according to Federal Reserve Chair Jerome Powell. The personal consumption expenditures (PCE) price index data released on Friday matched expectations and showed less of a slowdown than last year. However, Powell emphasized that the February report did not undermine the Fed's baseline outlook.
- Some details of the PCE data showed improvements in inflation aspects considered important by the Fed, even though the overall numbers showed little progress in the first two months of the year. Last week, the Fed kept its benchmark overnight interest rate steady at 5.25%-5.50% and narrowly confirmed the baseline projection of a 0.75 percentage point rate decrease by the end of this year.
- Powell has had to reconcile expectations for rate cuts with data indicating a slowdown, if not a halt, in the improvement of inflation numbers in recent weeks. He stated that recent high inflation does not alter the overall narrative of easing price pressures, but acknowledged that the recent data cannot be completely dismissed as a sign of slowed progress.
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| Last Updated | Mar 31 |
| Total Articles | 66 |
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