Federal Reserve officials: Interest rates are likely to remain unchanged for a period of time; further rate cuts require evidence that inflation has fallen to the 2% target.

ChainCatcher reports that, according to Jinjishi data, Boston Fed President Susan Collins stated that given recent economic data showing improvement in the labor market and persistent inflation risks, interest rates are likely to “remain unchanged for a period of time.”

On Tuesday, Collins said during a panel discussion hosted by the Boston Fed that the labor market is showing “at least some unusual signs of stability.” She also noted that more evidence is needed to confirm that inflation is heading toward the 2% target.

“I believe it is appropriate to keep the current interest rate range unchanged for a period of time,” she said. “After a cumulative easing of 175 basis points over the past year and a half, we are currently in a mildly restrictive range, which may be quite close to a neutral level.”

Chicago Fed President Austan Goolsbee said that it is not appropriate to cut rates further until there is more evidence that inflation is continuing to decline.

Goolsbee stated that the Supreme Court’s decision to cancel several of Trump’s global tariffs could bring more uncertainty to businesses but may also help curb inflation.

During a speech at the National Business Economics Association meeting on Tuesday, Goolsbee said he hopes to see evidence of inflation cooling to the Fed’s 2% target before supporting further rate cuts.