 Chairman Jerome Powell said the Federal Reserve is becoming more convinced that inflation is heading back to its 2% target. Powell says the Fed would cut rates before the pace of price increases actually reached 2%. Powell told the Economic Club of Washington, quote, we've had three better readings, and if you average them, that's a pretty good pace. Powell declined to provide any hints of when the first rate cut would occur, but most economists foresee the first cut occurring in September.