While the "disinflationary process" has started, it will take a good deal of time before the U.S. Federal Reserve is ready to declare victory in its fight against rising price levels, said Jay Powell, discussing the economy with Carlyle Group co-founder David Rubenstein. Rubenstein wasted no time in the interview, leading off by asking if last Friday's blowout jobs report (517,000 jobs added) might have changed the Fed's decision two days earlier to hike its benchmark Federal Funds rate by just 25 basis points. Powell said the news wouldn't have been likely to have made a difference. Powell's post-meeting press ... (full story)