Federal Reserve Chair Jerome Powell speaks Tuesday to the Foreign Bankers' Association in Amsterdam.
Federal Reserve Chair Jerome Powell listens as U.S. Secretary of the Treasury Janet Yellen presides over a meeting of the Financial Stability Oversight Council at the Treasury Department on May 10, 2024 in Washington, DC.Federal Reserve Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period.
Speaking to the annual general meeting of the Foreign Bankers' Association in Amsterdam, the central bank leader noted that the rapid disinflation that happened in 2023 has slowed considerably this year and caused a rethink of where policy is headed. "We did not expect this to be a smooth road. But these were higher than I think anybody expected," Powell said. "What that has told us is that we'll need to be patient and let restrictive policy do its work.""I do think it's really a question of keeping policy at the current rate for longer than had been thought," he said.
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