Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down [Business Insider]
NerdWallet, Inc. (NRDS)
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Source: Business Insider
Still, the slowing job market is a sign that the economy is moving in the right direction. Inflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Since July 2023, the Federal Reserve has held interest rates steady as it continues to work toward its 2% inflation target, and it looks like rates might stay the same for longer than previously expected. The year-over-year increase in the Consumer Price Index , which measures inflation, came in at 3.4% in April, per a news release from the Bureau of Labor Statistics out Wednesday. That's just below March's 3.5% increase and shows that despite the slight cooling, inflation is still remaining stubbornly high. Core CPI, which excludes food and energy prices, increased 3.6% from April 2023 to this past April, a small dip from the 3.8% year-over-year rise in March. Mark Hamrick, Bankrate senior economic analyst, said in a statement that those rates "remain irritatingly high." "The status of
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