Federal Reserve’s Jerome Powell sticks with ‘higher for longer’ rates message

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Federal Reserve chair Jerome Powell. Photo: Elizabeth Frantz/Reuters

Craig Torres and Cagan Koc

Today at 03:30

Federal Reserve chair Jerome Powell said the US central bank must be patient and wait for evidence that inflation continues to cool, doubling down on the need to keep borrowing costs elevated for longer.

The Fed chief said recent inflation figures indicate it will likely take more time than previously thought to attain the confidence needed to lower interest rates, echoing comments he made earlier this month.