Fed Chair Powell says inflation has been higher than thought, expects rates to hold steady

Federal Reserve Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period. But these [inflation readings] were higher than I think anybody expected," Powell said. While he expects inflation to come down through the year, he noted that hasn't happened so far. However, Powell also repeated that he does not expect the Fed to be raising rates. "I think it's more likely that we'll be at a place where we hold the policy rate where it is."