Fed signals pause on interest rates cuts until 'further progress on inflation' is made

4.25%-4.5%

Federal Reserve officials said they would “want to see further progress on inflation” before progressing with any further rate cuts.

According to the minutes of their January meeting released on Wednesday (19 February), US central bank officials noted that inflation has remained "somewhat elevated", after the US Consumer Price Index rose to 3% in January and took Reuters economists by surprise, who predicted that figure to increase to 2.9% year-on-year instead. "Most participants commented that month-over-month inflation readings in November and December had exhibited notable progress toward the Committee's goal of price stability, including in some key subcategories," the January report read. Trump lambasts the Fe...