STORY: Indeed, Fed Chair Jerome Powell said it was likely to take longer than previously expected for U.S. central bank officials to gain the "greater confidence" needed for them to kick off interest rate cuts.
"Inflation is still too high," he said in a press conference after the end of the Federal Open Market Committee's two-day policy meeting. "Further progress in bringing it down is not assured and the path forward is uncertain."
"It is likely that gaining greater confidence will take longer than previously expected."
Nevertheless, Powell said he still expects inflation to ease over the course of this year.
