U.S. Fed's Powell says inflation fight may take 'longer than expected'

The U.S. Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts.

The Fed has been battling rising prices with interest rate hikes since 2022, lifting its key lending rate to a 23-year high as it looks to hit its long-term inflation target of two percent.

But three months of higher inflation data since the start of 2024 have threatened to undermine the expectation of interest rate cuts this year...