Fed Chair Powell Says If Don't See Inflation Progress Won't See The Rate Cut; Part Of Oil Shock Is In The Forecast For Higher Inflation, But Also That Haven't Seen Hoped For Progress On Inflation; Fed Wants to See Cooler Goods Inflation as Tariff Uncertainty Recedes; A Reflection Of Slow Progress On Tariffs; We Believe We Will See Progress On Tariff Inflation, But May Take More Time; Really Want To Emphasize No One Knows Economic Effect Of Middle East Conflict

Federal Reserve Chair Jerome Powell stated that without visible progress on inflation, there will be no interest rate cuts. He noted that part of the current oil shock is contributing to higher inflation forecasts, and the Fed is looking for a decrease in goods inflation as tariff uncertainties diminish. Powell emphasized that while progress on tariff-related inflation is expected, it may take additional time. He also highlighted the unpredictability of the economic effects stemming from the ongoing conflict in the Middle East.