The latest measures of U.S. inflation have turned out to be hotter than expected.
FILE - Federal Reserve Board Chair Jerome Powell speaks during his appearance before the House Financial Services Committee on Capitol Hill, March 6, 2024, in Washington. The Federal Reserve is set this week to leave interest rates unchanged for a fifth straight time. from gaining the confidence it needed that inflation was headed sustainably toward its 2% target level, which would allow it to start cutting its benchmark interest rate.
On Wednesday, the Fed is considered sure to keep its short-term rate, now at a 23-year high of nearly 5.4%, unchanged for a fifth straight time. And it may not yet be entirely clear to Fed officials whether they have kept rates high enough for long enough to fully tame inflation. At the same time, the central bank faces a competing concern: If it waits too long to cut rates, a long period of high borrowing costs could seriously weaken the economy and even tip it into a recession.
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