Photo: Jerome Powell, chair of the U.S. Federal Reserve, during a fireside chat at the Wilson Center in Washington, D.C., on April 16, 2024. Photographer: Samuel Corum/Bloomberg. Jerome Powell, chair of the U.S. Federal Reserve, during a fireside chat at the Wilson Center in Washington, D.C., on April 16, 2024. Photographer: Samuel Corum/Bloomberg.

Federal Reserve Chair Jerome Powell signaled that policymakers will wait longer than previously anticipated to cut interest rates following a series of surprisingly high inflation readings.

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