Powell Defends Fed Stance on Temporary Inflation, Watching Risks By Bloomberg
(Bloomberg) -- For a second day, Federal Reserve Chairman Jerome Powell defended the central bank’s stance to keep providing support to the U.S. economy even as inflation runs at uncomfortable levels. “This is a shock going through the system associated with the reopening of the economy and it’s driven inflation well above 2%, and of course we’re not comfortable with that,” Powell told the Senate Banking Committee Thursday. The Fed chair called the price developments “unique” in history and said the central bank is closely watching to see whether its expectation that the high inflation will...
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