Fed's Powell says inflation data this year shows a 'lack of progress'

Federal Reserve Chair Jerome Powell on Tuesday said it is likely that inflation will take "longer than expected" to reach the central bank's 2% target, casting fresh doubt on when policymakers may cut interest rates this year.Powell cited the string of inflation reports during the first three months of the year that showed progress had largely stalled on inflation. "More recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far thi