Jerome Powell has warned the Federal Reserve risks being forced to delay its first cut to interest rates because of stubborn inflation and strong economic growth, in a blow to mortgage borrowers around the world. Strong jobs numbers and sustained price rises mean officials need to wait for more evidence before the world’s most powerful central bank can cut back borrowing costs, the Fed chairman 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 2pc.