Fed's Powell: will need substantially more evidence to be confident inflation on downward path

U.S. Federal Reserve Chair Powell holds news conference after Fed announced quarter point interest rate hike in Washington
U.S. Federal Reserve Chair Jerome Powell arrives to address reporters after the Fed raised its target interest rate by a quarter of a percentage point, during a news conference at the Federal Reserve Building in Washington, U.S., February 1, 2023. REUTERS/Jonathan Ernst

NEW YORK, Feb 1 (Reuters) - Federal Reserve Chair Jerome Powell on Wednesday welcomed recent cooling in inflation data but said there had not been enough progress bringing price pressures back to 2%.

"We will need substantially more evidence” that inflation is ebbing to be confident that it's moving back toward the target," Powell said in a press conference following the Federal Open Market Committee meeting.

Reporting by Michael S. Derby Editing by Chris Reese

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