Fed’s Powell Pledges to Stop Inflation From Becoming ‘Entrenched’

Federal Reserve Chair Jerome Powell pledged "to prevent higher inflation from becoming entrenched" in comments prepared for delivery at a congressional hearing on Tuesday, where the high pace of price increases is likely to be a central topic.

Powell did not mention the U.S. central bank's plans to hike interest rates explicitly in brief opening remarks for his nomination hearing before the Senate Banking Committee for a second four-year term as head of the Fed.

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Powell noted that the economy was facing "persistent supply and demand imbalances" during the pandemic reopening and that the resulting high inflation "exacts a toll," particularly on the poor.

Source: NewsMax


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