The likelihood that the central bank will reduce its overnight funds rate briefly fell below 50 percent for the first time in weeks.
readings and instead committed to holding rates right where they are now, in a target range between 2.25% and 2.5%.
Powell called the current weak inflation readings — about 1.6% core, according to the Fed's preferred measure — transient and likely to reverse in the months ahead. He cited the Dallas Fed's trim mean inflation measure, which was 2% for March.Powell's insistence that inflation will drift toward the Fed's 2 percent goal still has some doubters, despite what the futures trading showed Thursday.
"We don't buy the automatic path to higher inflation story," said Jeremy Hale, head of global macro strategy and asset allocation at Citigroup. Despite signs of a growing economy, Hale said "the growth numbers are still unlikely to be strong enough to make the Fed confident of hitting inflation targets finally, let alone exceeding them.""The Fed rarely resists the signal for long," he said.
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