 On the economy, Fed Chair Jerome Powell says inflation in the U.S. is slowing again after higher readings earlier this year, while adding that more such evidence would be needed before the Fed would cut interest rates. Speaking in a panel discussion at the European Central Bank's Monetary Policy Conference in Portugal, Powell said Fed officials still want to see annual price growth slow further toward their 2% target before they feel confident of having fully defeated high inflation. Powell's comments echoed minutes released.