Fed Chair Jerome Powell said in a symposium earlier today that inflation has stiffened and held in its place during the first quarter, raising concerns about the prospects of interest rate cuts in 2024.

Powell added that its clear that recent inflation data didnt give the Fed enough confidence that inflation is heading towards the target, and it could take longer than expected.

He said recent data shows strong economic growth and labor momentum, but little progress in bringing inflation towards 2%.

He asserted the Fed will hold onto its current policies until inflation sustainably approaches the targets.