Federal Reserve Chairman Powell said that recent inflation data suggests that the central bank may need more time to gain confidence in cutting interest rates. Powell pointed out that there has been no further progress in inflation after experiencing a rapid decline at the end of last year. He said that as long as there is a need, the Fed can maintain stable interest rates if price pressures persist. He stated that given the strong labor market and the progress made in inflation so far, it would be appropriate for the Fed to allow restrictive policies more time to take effect, guided by data and changing prospects.