Federal Reserve Chairman Powell said that recent inflation data shows that the central bank may take longer to gain the confidence needed to cut interest rates. Powell pointed out that after experiencing a rapid decline at the end of last year, there has been a lack of further progress in terms of inflation. He said that if price pressure persists, the Federal Reserve can keep interest rates stable for as long as needed. He said that given the strong labor market and the progress of inflation so far, it would be appropriate to allow more time for restrictive policies to take effect, and let data and changing prospects guide the Federal Reserve.