Federal Reserve Chair Powell Cites Lack of Progress in Reaching Inflation Goal

He said, however, that despite inflation remaining at 2.8% in March, the Fed needs greater confidence before considering policy adjustments.

Federal Reserve Board Chair Jerome Powell speaks during a news conference about monetary policy at the Federal Reserve in Washington on Jan. 31, 2024. Alex Brandon/AP Photo

In a discussion on U.S. and Canadian economic policies, Federal Reserve Chairman Jerome Powell said there has been a significant decline in inflation over the past year but expressed concern over recent data.

“We took a cautious approach and sought greater confidence so as not to overreact to the string of low inflation readings that we had in the second half of last year,” Mr. Powell said in remarks on April 16.