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Fed Chair Powell says there has been a ‘lack of further progress’ this year on inflation

Fed Chair Powell says there has been a ‘lack of further progress’ this year on inflation

Powell added that until inflation shows more progress, “We can maintain the current level of restriction for as long as needed.”
 
By Jeff Cox, CNBC
 

Federal Reserve Chair Jerome Powell said Tuesday that the U.S. economy, while otherwise strong, has not seen inflation come back to the central bank’s goal, pointing to the further unlikelihood that interest rate cuts are in the offing anytime soon.

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