Federal Reserve Chair Jerome Powell on Wednesday stressed the need for more evidence that inflation is subsiding before policymakers move to cut interest rates. 

"On inflation, it is too soon to say whether the recent readings represent more than just a bump," Powell said in prepared remarks ahead of a question-and-answer session at Stanford University. "We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent."

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