Fed still not ready to roll out a rate cut, Powell tells lawmakers

(CNN)–  Interest rates are expected to stay put for at least a little longer.

On Tuesday Federal Reserve Chair Jerome Powell appeared before the Senate Banking Committee to give his semi-annual monetary policy report.

Powell said Fed officials want to see more progress before they start reducing the cost of borrowing.

Last year the Fed’s key interest rate reached a high not seen in more than two decades.

While price hikes eased greatly in 2023, they hit a snag a few months ago.

That caused the fed to delay its first expected rate cut.