Fed Chair Powell Unsure Inflation Is Reaccelerating

Federal Reserve Chair Jerome Powell is unsure if the back-to-back, hotter-than-expected inflation readings are something more than just a bump in the road. In prepared remarks at Stanford University on Apr. 3, the central bank chief reiterated that it would be inappropriate for monetary policymakers to cut interest rates. “On inflation, it is too soon to say whether the recent readings represent more than just a bump,” Mr. Powell stated. “We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent.” Mr. Powell noted that the policy-making Federal Open Market Committee (FOMC) maintains the latitude of being patient and allowing “incoming data to guide our decisions on policy.”...