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Federal Reserve Chair Jerome Powell has thrown the timing of interest rate cuts into doubt, saying the U.S. central bank wants to see more progress made on lowering inflation.Powell also stressed that he is in no rush to ease monetary policy and that interest rates will only be lowered once inflation moves back down to the Fed’s 2% annualized target. Speaking at Stanford University, Powell said: “We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward two per cent.”The latest comments from the…