Inflation may delay rate cuts, says Fed chair

Federal Reserve Chair Jerome Powell said elevated inflation may delay rate cuts until later this year.

“If higher inflation does persist, we can maintain the current level of (interest rates) for as long as needed," Powell said at a panel discussion. "Recent data have clearly not given us greater confidence."

The Fed's rate currently stands at a 23-year high of 5.3%, according to The Associated Press.

Read more from The Associated Press.