 Federal Reserve Chair Jerome Powell said he believes inflation is receding, but isn't yet confident that price gains are sustainably slowing to the central bank's 2 percent goal. The Fed chair has avoided saying when the agency will cut interest rates, though he has emphasized policymakers face risks from both moving too quickly or too slowly. The Fed has held its policy rate in the range of 5.25 to 5.5 percent, a more than a two-decade high for nearly a year.