Investing.com — U.S. inflation data so far this year has been “disappointing,” according to Federal Reserve Vice Chair for Supervision Michael Barr, in a sign that the central bank may need more proof that price pressures are cooling before beginning to ratchet down interest rates.

Speaking at an event in Florida, Barr said that 2024’s inflation numbers have not given him the “increased confidence” needed to support lowering rates down from than two-decade highs.

He added that borrowing costs should remain in restrictive territory “some further time to continue its work.” The Fed’s benchmark policy rate currently sits at 5.25% to 5.5%.

His comments echoed sentiments from Atlanta Fed Governor Raphael Bostic, who told Bloomberg Television earlier on Monday that it will take some time before the pace of inflation finally slows down to policymakers’ 2% target level.

Although markets are widely anticipating that the Fed will roll out two cuts later this year, some Fed officials have suggested that any such moves are on hold until they can confirm that inflation is sustainably easing towards 2%.

The Fed’s preferred inflation gauge, the Personal Consumption Expenditures price index, registered 2.7% in March. The April data will be published next week.