Minutes of most recent meeting show that policymakers are in no rush to reduce borrowing costs
Powell said the U.S. economy and job market remain fundamentally healthy
Officials say there's been “modest further progress” toward the 2% inflation target
The longer the Fed keeps borrowing costs high, the more it risks weakening the economy too much
Key reason for the delay in cuts is lingering effects of the pandemic
Meeting minutes show that officials debated whether their benchmark rate was exerting enough of a drag on the economy
April figures show slight cooling after three elevated readings
During a panel discussion, Powell said his confidence that inflation will ease "is not as high as it was"
The Fed will take its time to find out
Board says inflation has remained stubbornly high in recent months