MNI BRIEF: Powell Needs Inflation Progress Before More Cuts

The Federal Reserve needs additional progress on inflation before considering cutting interest rates again, Chair Jerome Powell said Wednesday.

"We will be focusing on seeing real progress on inflation, or some weakness in the labor market, before we consider making (further) adjustments," Powell said during his post-meeting press conference. 

The chair declined to comment on public comments from Donald Trump about wanting the Fed to lower rates, adding that he's had no contact with the U.S. President. (See: MNI INTERVIEW: Fed’s Easing Bias No Longer Justified-George)