Chalmers warns of more volatility as Powell delays interest rate cuts

Treasurer Jim Chalmers says greater geopolitical uncertainty will foment economic volatility in coming months, particularly in oil prices and stocks, and the push to curb high inflation will slow.

The sombre warning comes after US Federal Reserve chairman Jerome Powell on Tuesday night cautioned persistently elevated inflation would likely delay interest rate cuts until later this year, opening the door to a period of higher-for-longer rates.