Powell: May keep interest rates high for a longer period

ChainCatcher news, according to Jinshi reports, Federal Reserve Chairman Powell stated that the Fed needs to remain patient and wait for more evidence that high interest rates are suppressing inflation, thereby doubling the necessity of keeping interest rates high for a longer period. Powell expects inflation rates to decline month by month, but the price data from the first quarter has weakened his confidence. The lack of further progress on inflation in the U.S. during the first quarter is noteworthy. The Fed does not believe that fighting inflation is a smooth path, but recent data has been higher than anyone expected. This tells people to remain patient and allow restrictive policies to take effect.