Fed's Powell says inflation won't reach 2% until at least 2025

Fed's Powell says inflation isn't returning to 2% this year or next - suggesting investors should prepare for more interest-rate hikes

US inflation is unlikely to fall to the Federal Reserve's 2% target until at least 2025, according to Jerome Powell.

The US monetary authority left rates unchanged this month for the first time since last spring, but signaled it may raise them twice more before year-end. US inflation has been declining steadily in recent months, thanks to the Fed's policy efforts to tame price pressures. The annual pace of consumer-price increases cooled to 4% in May from a 40-year high of 9.1% reached in mid-2022, but it still remains twice the central bank's target.

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