Grocery prices fell in April as overall inflation cooled. Milk prices dropped 0.8% while egg prices declined 7.3%. Justin Sullivan/Getty Images hide caption
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Fed Chairman Jerome Powell
Federal Reserve chairman Jerome Powell and his colleagues voted to hold interest rates steady at a 23-year high on Wednesday. The central bank is trying to curb stubborn inflation. Justin Sullivan/Getty Images hide caption
A customer shops at a grocery store in Chicago on Feb. 13, 2024. Annual inflation has eased significantly since two years ago but it has remained stubbornly above 3% this year. Scott Olson/Getty Images hide caption
Why beating inflation is turning out to be as hard as losing weight
Federal Reserve Bank Chair Jerome Powell speaks during a news conference on March 20, 2024 in Washington, DC. Following a meeting of the Federal Open Markets Committee, Powell announced that the Fed left interest rates unchanged, but projects it may cut rates three times later this year. Chip Somodevilla/Getty Images hide caption
Federal Reserve Chair Jerome Powell speaks during a news conference after the central bank's policy meeting at the Federal Reserve in Washington, D.C., on Nov. 1, 2023. The Fed kept interest rates unchanged on Wednesday, but projected they would be able to lower them next year. Kevin Dietsch/Getty Images hide caption
A tourists is seen in silhouette in front of the Matterhorn mountain in Riffelalp above Zermatt, Switzerland. Fabrice Coffrini/AFP via Getty Images hide caption
Fed Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, D.C., on July 26, 2023. Saul Loeb/AFP via Getty Images hide caption
Federal Reserve Chair Jerome Powell arrives for a meeting of financial regulators in Washington, D.C., on July 28, 2023. Powell warned on Friday the fight against inflation still "has a long way to go." Kevin Dietsch/Getty Images hide caption
Fed Chair Jerome Powell warns the fight against inflation is far from over
WASHINGTON, DC - MARCH 07: Federal Reserve Chair Jerome Powell testifies before the Senate Banking Committee March 7, 2023 in Washington, DC. Win McNamee/Getty Images hide caption
Federal Reserve Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, DC, on Feb. 1, 2023. The Fed on Wednesday raised interest rates again, opting to continue its fight against inflation despite turmoil in the banking sector. Saul Loeb/AFP via Getty Images hide caption
The Fed raises interest rates again despite the stress hitting the banking system
WASHINGTON, DC - MARCH 07: Federal Reserve Chair Jerome Powell testifies before the Senate Banking Committee March 7, 2023 in Washington, DC. Powell spoke on the state of the U.S. economy and suggested that interest rates will need to stay higher for longer than expected in order to curb inflation. (Photo by Win McNamee/Getty Images) Win McNamee/Getty Images hide caption
Federal Reserve Chair Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington, D.C., on Tuesday. Powell warned the fight against inflation still has "a long way to go," sending stock markets lower. Mandel Ngan/AFP via Getty Images hide caption
Federal Reserve Chair Jerome Powell warns inflation fight will be long and bumpy
Federal Reserve Chair Jerome Powell speaks during a news conference after the Fed's meeting on Nov. 2, 2022, in Washington, D.C. The Fed raised interest rates by a quarter percentage point on Wednesday, its smallest increase in 11 months. Mandel Ngan/AFP via Getty Images hide caption
The Fed raises interest rates by only a quarter point after inflation drops
Chair of the U.S. Federal Reserve Jerome Powell speaks at the Brookings Institution, November 30, 2022 in Washington, DC. Drew Angerer/Getty Images hide caption
The Fed continues its crackdown on inflation, pushing up interest rates again
Renovations continue on the Marriner S. Eccles Federal Reserve Board Building on September 19, 2022 in Washington, DC. The Federal Open Market Committee (FOMC) concluded its two-day meeting on interest rates this afternoon. Kevin Dietsch/Getty Images hide caption
Fed orders another super-sized interest rate hike as it battles stubborn inflation
Traders work on the floor of the New York Stock Exchange. Spencer Platt/Getty Images hide caption
It's been a vicious 6 months for stocks. Here's what the grim markets are signaling
Jerome Powell, Chairman, Board of Governors of the Federal Reserve System testifies before the Senate Banking, Housing, and Urban Affairs Committee. Win McNamee/Getty Images hide caption
Jerome Powell, Chairman, Board of Governors of the Federal Reserve System testifies before the Senate Banking, Housing, and Urban Affairs Committee on June 22, 2022 in Washington, DC. Win McNamee/Getty Images hide caption
U.S. Federal Reserve Board Chairman Jerome Powell is displayed on a monitor on the floor of the New York Stock Exchange. Drew Angerer/Getty Images hide caption