Fed Chairman Jerome Powell said Friday that economic data so far confirms the central bank's view that future progress on bringing down inflation will be slow.
Federal Reserve Chair Jerome Powell on Friday said his colleagues think that it will take some time to bring inflation back to the central bank’s 2% target.
“The data have continued to support the FOMC’s view that bringing inflation down will take some time,” Powell said during a moderated appearance alongside former Fed chief Ben Bernanke. Instead, it is just “simply a different forecast” where the market expects inflation to come down more quickly, perhaps due to a significant downturn, Powell said.
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