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Fed’s Paulson Says Rate Cuts Require Progress on Inflation

Federal Reserve Bank of Philadelphia President Anna Paulson said she favored holding interest rates steady and conditioned lower borrowing costs on making sustained progress on inflation.

Shoppers on Fifth Avenue in New York, US, on Thursday, May 14, 2026. US inflation accelerated in April on rising gasoline and grocery costs, exceeding wage growth in a double-whammy for already strained consumers. Photographer: Victor J. Blue/Bloomberg
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