Fed's Powell: Recent price data bolstering confidence inflation moderating

NEW YORK (Reuters) - Federal Reserve Chair Jerome Powell said recent inflation data is increasing the central bank's confidence that inflation pressures are moving back to the 2% target.

After inflation data moderated in the second quarter, Fed officials have "gained greater confidence" price pressures are moderating in way that will open the door to a rate cut, Powell said in a press conference following the Fed's latest policy meeting where they kept interest rates steady.

(Reporting by Michael S. Derby; Editing by Chris Reese)