© Reuters. U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. REUTERS/Mary F. Calvert/File Photo
By Michael S. Derby
WASHINGTON (Reuters) – Federal Reserve Chairman Jerome Powell said on Wednesday that recent data showing lower price pressures is not enough for the central bank to change its outlook for inflation yet.
“The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path,” Powell said in a press conference that followed the announcement of the Fed’s 50 basis point interest rate rise.