 Chair Jerome Powell said 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. He says they've had three better readings, and averaging them, it's a pretty good pace. He made those comments to the Economic Club of Washington. A $242 million grant from the U.S. Transportation Department will go towards the replacement of the Cape Fear Memorial Bridge in Wilmington.