Fed Chairman Powell reiterated that the latest inflation data was basically in line with expectations, but there was no rush to cut interest rates.

Federal Reserve Chairman Jerome Powell reiterated that the Fed is in no rush to cut interest rates. The latest inflation data released earlier were "broadly in line with our expectations," he said. But Powell reiterated that a rate cut would not be appropriate until officials are confident that inflation is moving toward their 2% target. "It's nice to see something in line with expectations," he said, adding that the latest data wasn't as good as what policymakers saw last year. Powell said officials expect inflation to continue declining on a "sometimes bumpy path," echoing remarks he made after the Fed's interest rate meeting earlier this month. Powell said at the time that it might be appropriate to ease policy "at some point this year." But he and other policymakers made clear they were in no rush to act, given the underlying strength of the economy and recent signs of sustained price pressures. (Golden Ten)