Inflations fell sharply last year but progress has stalled in recent months.
Federal Reserve Board Chair Jerome Powell speaks during his appearance before the House Financial Services Committee on Capitol Hill, March 6, 2024. Inflation has fallen significantly from a peak of 9.1% but it remains more than a percentage point higher than the Fed's target rate of 2%.
Addressing House members at the Capitol earlier this month, Fed Chair Jerome Powell reaffirmed the Fed's plans to cut rates this year but cautioned that the central bank first wants to see inflation fall lower. Interest rate cuts would lower borrowing costs for consumers and businesses, potentially triggering a burst of economic activity through greater household spending and company investment.
Federal Reserve Interest Rates Inflation Borrowing Costs Economic Performance
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