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Recent inflation data has not given greater confidence about declining inflation, Fed chair says.
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Long-term Treasury yields finished at new five-month highs on Tuesday, after Federal Reserve Chair Jerome Powell indicated that policy makers will likely need to delay any interest-rate cuts and the International Monetary Fund projected faster economic growth for the U.S. this year.
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A string of discouraging inflation reports since the start of the year keeps pushing the timeline back for interest rate cuts.
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The Fed chair, along with the central bank's No. 2 policymaker, stressed uncertainties over job growth and the persistence of elevated inflation.
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The Federal Open Market Committee's March projections for rate cuts shows a median Federal funds rate of 4.6% in 2024, versus 5.25%-5.50% today.
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