Federal Reserve Chair Jerome Powell said on Monday the three U.S. inflation readings over the second quarter of this year do "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion,

Chair Jerome Powell said Monday that the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut rates before the pace of price increases actually reached that point.

Federal Reserve Chair Jerome Powell said Monday that policymakers will not wait until inflation falls to 2% before they pivot to cutting interest rates.