Powell Cautions on Inflation, Strives for 2% Goal

IconCryptoNewsTerminal Staff31 Jul, 2024

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Powell Cautions on Inflation, Strives for 2% Goal

Fed Chair Powell acknowledged progress in curbing inflation, but emphasized that it remains elevated above the target of 2%. He highlighted the ongoing strength of the economy and labor market, indicating a recovery to pre-pandemic levels. While acknowledging that challenges persist, Powell expressed optimism in the progress made and the encouraging inflation data observed in recent months. The Fed will continue to monitor incoming data and adjust its policy accordingly.

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