New York CNN —
Federal Reserve officials have been saying for months they need to see more convincing data demonstrating that inflation is on a sustainable path to 2% before they can feel comfortable cutting rates. Last month’s unexpectedly hot Consumer Price Index report is the exact opposite of that. That’s why Fed Chair Powell conveyed on Tuesday the central bank won’t be cutting interest rates any time soon.
“The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve [2% inflation],” Powell said Tuesday in
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