From new york, heres the bbc s north America Business correspondent, michelle fleury. Stubborn inflation pushes back the timing of the first rate cut. The Us Federal Reserve voted to keep its Benchmark Lending Rate at a 23 year high on wednesday. Officials have said they want more certainty that inflation is under control before they Lower Borrowing costs. They do not have that yet. Here is chair, jerome powell, during his press conference. The economy has made considerable progress towards our dual mandate objectives. Inflation has eased substantially over the past year, while the Labour Market has remained strong. And that is very good news. But inflation is still too high, further progress in bringing it down is not assured and the path forward is uncertain. We are fully committed to returning inflation to our 2 goal. While the prices of many goods have fallen, from cars to furniture, an increase in housing and Petrol Prices have contributed to a recent rise in consumer inflation. W
Here is chair, jerome powell, during his press conference. The economy has made considerable progress toward our dual mandate objectives. Inflation has eased substantially over the past year, while the Labour Market has remained strong. And that is very good news. But inflation is still too high, further progress in bringing it down is not assured and the path forward is uncertain. We are fully committed to returning inflation to our 2 goal. While the prices of many goods have fallen, from cars to furniture, an increase in housing and Petrol Prices have contributed to a recent rise in consumer inflation. With progress on inflation taking longer than expected, hopes for lower rates have dimmed. One scenario that could change that calculation . Chair powell said if the Labour Market unexpectedly weakened, that could spur rate cuts. And sweetening the mood on wall street, the Dowjones Industrial Average closed higher, after the fed chair implied that the Central Banks next move was unlike
Mandate objectives. Inflation has eased substantially over the past year, while the Labour Market has remained strong. And that is very good news. But inflation is still too high, further progress in bringing it down is not assured and the path forward is uncertain. We are fully committed to returning inflation to our 2 goal. While the prices of many goods have fallen, from cars to furniture, an increase in housing and Petrol Prices have contributed to a recent rise in consumer inflation. With progress on inflation taking longer than expected, hopes for lower rates have dimmed. One scenario that could change that calculation . Chair powell said if the Labour Market unexpectedly weakened, that could spur rate cuts. And sweetening the mood on wall street, the Dowjones Industrial Average closed higher, after the fed chair implied that the Central Banks next move was unlikely to be a rate hike. As youve heard from the Us Federal Reserve, Interest Rates in america will remain high for some
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