United States Federal Reserve Chair Jerome Powell emphasized on Wednesday that starting the cycle of interest rate reductions won't be "appropriate" as long as the inflation rate remains elevated.
Powell stated at the press briefing that the Federal Open Market Committee (FOMC) assessed that the rate at which inflation is expected to decline will not be quick, underlining the fact that it will take more time to see the effects of the adopted monetary policy.
"If you look at non-housing services, it [inflation] really hasn't moved much, it's quite stable, so we think the demand will have to weaken a little bit, and labor market conditions have to soften a bit more to begin to see progress there," Powell argued.
