Fed officials say future interest rate cuts depend on inflation progress

Federal Reserve officials, including Vice Chair for Supervision Michael Barr and Chicago Fed President Austan Goolsbee, have indicated that future interest rate cuts will depend on continued progress in lowering inflation. They stated the central bank is likely to hold rates steady for some time while waiting for more evidence that inflation is retreating toward the 2% target. Goolsbee noted that 'several' rate cuts could be possible this year if inflation gets on track.