In a recent policy forum focused on U.S.-Canada economic relations, Jerome Powell, Chair of the Federal Reserve, expressed that despite the U.S. economy's overall strength, it has yet to witness inflation return to the central bank's target.

Powell noted that while inflation continues its downward trend, the current policy status should remain unaltered. "More recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2% inflation goal," Powell stated during a panel discussion.

Echoing sentiments previously expressed by central bank officials, Powell suggested that the existing policy level will likely persist until inflation nears its target.

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Since July 2023, the Federal Reserve has maintained its benchmark interest rate within a target range of 5.25%-5.5%, marking the highest level in 23 years. This was the outcome of 11 consecutive rate hikes initiated in March 2022.

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Powell further commented on the recent data, stating, "The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence." He added, "That said, we think policy is well positioned to handle the risks that we face."