Fed’s attention turns firmly back to inflation

Continuing efforts: Powell speaking at a news conference in Washington. The Fed has missed its inflation target for nearly four years. — Bloomberg

NEW YORK: US Federal Reserve (Fed) officials are capping 2024 with a third-straight interest-rate cut and a strong signal that inflation concerns are back in the fore.

Fed chair Jerome Powell put it plainly: The central bank’s year-end inflation projection has “kind of fallen apart”.