Federal Reserve chair Jay Powell has said he still expects inflation to fall towards the US central bank’s 2 per cent goal, as new data highlighted the bumpy road ahead for officials as they debate when to begin cutting rates.
US inflation hit 2.5 per cent in February, according to the headline personal consumption expenditures metric that the Fed uses for its target, meeting expectations but rising slightly from 2.4 per cent in the year to January.
Powell said Friday’s Bureau of Economic Analysis report, combined with other recent data, showed that the path towards the 2 per cent target was “sometimes bumpy”.
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