Fed Chair Powell Still Expects to Cut Rates This Year, but Not Yet

Jerome H. Powell, the chair of the Federal Reserve, said on Wednesday that he thought the central bank would begin to lower borrowing costs in 2024 but that policymakers still needed to gain “greater confidence” that inflation was conquered before making a move.

“We believe that our policy rate is likely at its peak for this tightening cycle,” Mr. Powell said during testimony before the House Financial Services Committee. “If the…