On Tuesday, Jerome Powell, the Chair of the Federal Reserve, expressed that the process of reducing inflation through high interest rates might extend beyond the initially anticipated timeframe. He did not suggest that the slowdown in the labor market would result in earlier rate cuts.
Given the faster-than-expected inflation in the first three months of the year, the head of the U.S. Central Bank expressed a decrease in his level of confidence, stating that it is now less likely, in his opinion, for the Fed to need to raise rates any further. However, he also noted that the possibility of rate cuts has become less certain.
Powell stated that considering the available data, it is improbable that our next action will involve increasing interest rates. Instead, it is more probable that we will maintain the current policy rate.
He expressed his anticipation of a 2% economic growth this year, which is slightly higher than the Federal Reserve's projections of the economy's fundamental capacity. The labor market is exhibiting robustness and indications of a gradual slowdown and readjustment, partly influenced by a rise in labor supply resulting from immigration and a deceleration in demand.
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