US Federal Reserve Chairman: ''There is no need to rush to cut interest rates until we are confident that inflation is under control'' Jerome Powell attended an event in San Francisco on the 29th. Chairman Powell also acknowledged that the decision to begin lowering interest rates is a very important one and carries risks.
He indicated that he did not think that inflation would fall sustainably to 2% by the end of the year, as he had previously predicted. The US Department of Commerce announced that last month's PCE (Personal Consumption Expenditure Price Index), which excludes energy and food, rose by 2.8%.