What it will take for the Fed to cut interest rates: Powell

The Federal Reserve, led by Jerome Powell, has decided to keep interest rates unchanged, citing insufficient progress towards the 2% inflation target. Despite 11 prior rate hikes, inflation remains above desired levels, with recent data showing a 3.5% increase. Powell emphasized that rate cuts would require either significantly better inflation data or unexpected labor market weaknesses, maintaining a cautious stance against premature policy easing.