U.S. Federal Reserve Chair Jerome Powell spoke at a press conference on Wednesday, discussing the central bank's progress in reducing inflation and why there's likely more work ahead.
Were 2.5 years into this or two and a quarter years into this. And forecasters including fed, forecasters have consistently thought that inflation was about to turn down. And uh you know, traditional not typically forecasted that it would and been wrong. So I think if you, I think if you look at the core P ce inflation overall, look at it over the last six months, you're just not seeing a lot of progress it's running and it's running at a level, you know, over 4.5% far above our our target and not really, you know, moving down, we want to see it moving down decisively. That's all we know. Of course, we are going to get inflation down to 2% over time. We don't want to do, we want to do that with the minimum damage we can to the economy, of course, but we have to get inflation down to 2% and we will and we just don't see that yet. So hence, you see today's policy decision both to write down for the rate hikes by the end of this year. But also to, you know, to take to moderate somewhat the pace with which we're moving.