Ever since the Federal Reserve signalled that the rate-rising phase of its historic fight against inflation was over, attention has been focused on when — and how quickly — the US central bank would provide relief to American borrowers.
Chair Jay Powell and his colleagues have said they need irrefutable proof that inflation, which at one point hovered around a four-decade high, is retreating to the Fed’s 2 per cent target. Until then, the Federal Open Market Committee would lack the confidence necessary to begin lowering interest rates.
A string of favourable inflation data — coupled with signs that the labour market has lost some of its earlier heat — suggests that high bar has more or less been met.
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