Fed’s Powell says inflation data received in Oct and Nov shows ‘welcome reduction’

Federal Reserve Board Chairman Jerome Powell holds a news conference in Washington

By Michael S. Derby

WASHINGTON (Reuters) – Federal Reserve Chairman Jerome Powell said on Wednesday that recent data showing lower price pressures is not enough for the central bank to change its outlook for inflation yet.

“The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path,” Powell said in a press conference that followed the announcement of the Fed’s 50 basis point interest rate rise.

(Reporting by Michael S. Derby; Editing by Chris Reese)