Federal Reserve Chairperson Jerome Powell said that more recent inflation data have slowed; more good data needs to be seen to boost confidence about the anti-inflation process; inflation risks continue to be highly focused; and so far this year, our confidence that inflation has slowed enough to cut interest rates has not increased. Powell said the U.S. economy has made significant progress on employment and inflation; inflation has eased significantly but remains too high; economic activity is expanding at a solid pace; the Federal Reserve generally expects GDP growth to slow from last year; employment growth remains strong but slower than Quarter 1; and the FOMC expects the labor market to remain strong.