Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Powell: Recent Inflation Data 'in Line with Fed’s Vision'

Sat 30 Mar 2024 | 12:03 AM
Taarek Refaat

Federal Reserve Chairman Jerome Powell said Friday that the latest data on inflation in the United States is “in line with what we would like to see.”

In statements that seem inclined to maintain the Fed’s current approach to interest rates, Powell added that the personal consumption expenditures price index data for February, which was released on Friday, “was as we expected.”

“This is what we expected and it is good to see something coming that is in line with expectations,” Powell said during his speech at the Macroeconomics and Monetary Policy Conference in San Francisco, reported by CNBC.

U.S. inflation was 2.5%  in February, according to the key personal consumption expenditures measure the Fed uses to meet its target, meeting expectations but up slightly from 2.4% in the year through January.

Powell said the Bureau of Economic Analysis report released on Friday, March 29, along with other recent data, showed that the path toward the 2% target was “bumpy at times.”