Federal Reserve Chairman Powell said that policymakers will wait for more clear signs of falling inflation before considering cutting interest rates. Powell said that although recent inflation data was higher than expected, it did not “substantially change” the overall situation. He reiterated his view that he expects to start cutting interest rates “sometime this year.” Powell said, “Regarding inflation, we are currently unable to determine whether the recent data is just a temporary fluctuation. Until we have more confidence that inflation is continuing to fall by 2%, we don't think it's appropriate to cut interest rates.” Treasury yields continued to rise after Powell's speech, and the S&P 500 index also rose. According to futures market pricing, investors have roughly equal expectations for the possibility of cutting interest rates for the first time in June, and believe that interest rates may not be cut three times this year.