The Strategist

Fed Chief: US inflation remains high

05/02/2024 - 10:19

Following the meeting that concluded on Wednesday, Jerome Powell, the chairman of the American Central Bank, stated that the country's inflation rate is still too high and that more progress in bringing it down is not assured.

Federalreserve via flickr
Federalreserve via flickr
He claimed that there has been no additional evidence of inflation slowing down in recent months.

He declared, "We are totally committed to getting inflation back to our 2% target."

At that, the head of the Federal Reserve noted that the US economy is in a sustainable state. He added that the Fed is still closely monitoring inflationary threats and that the economic outlook is uncertain.

Despite rising interest rates, consumer spending has been robust in recent quarters. Nonetheless, the Fed's head stated that certain business areas have suffered with their investments.

He predicted that it will take longer than anticipated to build the confidence required to switch to lower interest rates, and added that he is not sure how long it would take.