Fed Chair Powell sees progress on inflation, though not quickly enough

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Inflation may be cooling — just not yet fast enough for the Federal Reserve. Chair Jerome Powell offered a nuanced view Wednesday of how the Fed intends to address its core challenge at a time when inflation is both way below its peak but still well above the central bank’s 2% target: Give it more time, and maybe some help from additional interest rate hikes. Yet he also suggested that the trends that are needed to further slow inflation, from lower rents to slower-growing wages, are starting to click into place. As a result, the Fed decided to forgo another increase in its benchmark interest rate. The pause followed 10 straight hikes in 15 months.