Fed Chief Not Ready to Lower Interest Rate Until Inflation Is Under Control

US central bank will not cut interest rates until there is greater confidence inflation is heading toward 2 percent target.

Federal Reserve Bank Chair Jerome Powell speaks during the Stanford Business, Government, and Society Forum at Stanford University in Stanford, Calif., on April 3, 2024. Justin Sullivan/Getty Images

Federal Reserve Chair Jerome Powell is unsure if the back-to-back, hotter-than-expected inflation readings are something more than just a bump in the road.

In prepared remarks at Stanford University on April 3, the central bank chief reiterated that it would be inappropriate for monetary policymakers to cut interest rates.