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While price growth has fallen sharply, with April’s 3.4% lower than March’s 3.5%, it is still higher than Fed’s medium-term goal of 2%
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Both the UK and the US are currently waiting for the next interest rate cut; however, it doesn't seem to be imminent in either economy because in both instances the respective central bank is nervous about the fact that inflation hasn't quite fallen far enough.
In the US inflation is currently 3.4%, but that's still 1.4% higher than the Federal Reserve's medium-term goal of 2%, and there's concern that inflationary pressure hasn't yet been driven out of either economy.