TechFlow news, according to Jinshi News, Federal Reserve Chair Powell said the Fed needs to remain patient and wait for more evidence showing that high interest rates are curbing inflation, thereby reinforcing the need for rates to stay higher for longer. Powell expects inflation to decline month-on-month, but first-quarter price data have weakened his confidence. The lack of further progress on inflation in the U.S. during the first quarter is notable. The Fed never thought the fight against inflation would be a smooth path, but recent data have been higher than anyone expected. This indicates the need to remain patient and allow restrictive policies to take effect.
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