 But NPR's Scott Horsley reports that Powell warns that prices might not stabilize until late 2025. Speaking in Portugal at a forum sponsored by the European Central Bank, Powell says he's encouraged to see price hikes cooling in recent months. He was reluctant to lay out a timetable, though, for when he and his colleagues might be ready to start lowering interest rates. We want to be more confident, and frankly, because the U.S. economy is strong and the labor market is strong, we have the ability to take our time and get this right.