Monday was Powell’s first public speaking appearance since the consumer price index report for June showed cooling inflation.
Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut interest rates.
Speaking at the Economic Club of Washington D.C., Powell referenced the idea that central bank policy works with"long and variable lags" to explain why the Fed wouldn't wait for its target to be hit.
Instead, the central bank is looking for"greater confidence" that inflation will return to the 2% level, Powell said."What increases that confidence in that is more good inflation data, and lately here we have been getting some of that," he said.cooling inflationUS health officials confirm 4 new bird flu cases in Colorado poultry workers
Powell said at the top of his appearance that he was not intending to make any signals about when the Fed might start to cut interest rates. The central bank's next policy meeting is at the end of July.
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