Chair Jerome Powell says the Federal Reserve may not cut interest rates due to no ‘progress’ in inflation

Federal Reserve Chair Jerome Powell said yesterday that the central bank is not likely to cut rates at its upcoming policy meeting in a couple of weeks due to a “lack of further progress” on inflation.

His remarks come after a third consecutive stronger-than-expected inflation readings, which are nowhere close to the central bank’s 2% target. Stocks wavered after Fed Chair’s comments. Interest rates are currently at a 23-year high.