Federal Reserve Chair Jerome Powell said Tuesday that the U. 5%, the highest in 23 years. That was the result of 11 consecutive rate hikes that began in March 2022. "That said, we think policy is well positioned to handle the risks that we face. ""The comments follow inflation data through the first three months of 2024 that has been higher than expected. An earlier version misstated the year. At the start of 2024, traders in the fed funds futures market were pricing in six or seven cuts this year, starting in March. However, several policymakers in recent days have stressed the data-dependent nature of policy and have not committed to set level of reductions. As the data has progressed, the expectations have shifted to one or two reductions, assuming quarter percentage point moves, and not starting until September. "The recent data have clearly not given us greater confidence and instead indicate that it's likely to take longer than expected to achieve that confidence. "
