If you have been waiting for the Federal Reserve to cut interest rates, you're going to have to wait a little bit longer. Fed Chair Jerome Powell, speaking at an event at Stanford University, said he needs to see more evidence that inflation is cooling before the Fed can cut interest rates.
"On inflation, it is too soon to say whether the recent readings represent more than just a bump," Powell said in prepared remarks ahead of a Q&A session. "We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent."
The White House and the left has been trying to push that inflation is under control, but prices remain too high and more and more layoffs are happening across the country, even if they are not reported.
Policymakers have raised rates 11 times over the last two years, but more conservative analysts believe we are nowhere near the target of 2%, and warn that the Fed may try to do something to help the Biden administration before the election.