Fed's Powell says prices are ‘back on disinflationary path,’ but more confidence is still needed

Federal Reserve Chair Jerome Powell said Tuesday during a central bank forum in Portugal that recent inflation readings show 'quite a bit of progress.'

Federal Reserve Chair Jerome Powell said Tuesday that policymakers have made "quite a bit" of progress on fighting inflation, but that he needs to see more evidence before starting to reduce interest rates. Speaking during a central bank forum in Sintra, Portugal, Powell said that inflation reports from April and May show that price pressures are fading from the economy – and reiterated that the Fed wants that progress to continue.

At the same time, core prices – which are more closely watched by the Fed because they strip out volatile measurements like food and energy – also climbed 2.6%, the slowest annual rate since March 2021. "That represents really significant progress," Powell said. "We've made a lot of progress. We just want to understand that the levels that we're seeing are a true reading of what's happening with underlying inflation.

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