Fed's Powell: 'Not far' from confidence on inflation, rate cuts

"I think we're in the right place, which is, we're waiting to become more confident that inflation is moving sustainably at 2%," Powell told the Senate banking committee.

Federal Reserve Chair said Thursday the U.S. is "not far" from getting enough confidence that is heading to the Fed's 2% goal to be able to start interest-rate cuts.

"I think we're in the right place, which is, we're waiting to become more confident that inflation is moving sustainably at 2%," Powell told the . "When we do get that confidence -- and we're not far from it -- it'll be appropriate to begin to dial back the level of restriction so that we don't drive the economy into recession."

Source: Stocks-Markets-Economic Times