Fed Is ‘Not Far’ From Confidence Needed to Cut Rates, Powell Says

• Wants more evidence inflation is moving sustainably at 2%
• Fed chief suggests central bank is close to adjusting rates

Federal Reserve Chair Jerome Powell suggested the central bank is getting close to the confidence it needs to start lowering interest rates.

“We’re waiting to become more confident that inflation is moving sustainably at 2%,” Powell said Thursday while answering questions from the Senate Banking Committee. “When we do get that confidence — and we’re not far from it — it’ll be appropriate to begin to dial back the level of restriction.”