Fed Chairman Powell: Next six months critical for inflation

yahoo2021-07-15

Federal Reserve Chairman Jerome Powell on Wednesday downplayed the recent string of high readings of inflation, telling Congress that price pressures will still likely abate. On Tuesday, figures from ...

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Comments

Henryset
2021-07-15
Henryset
Good
CGE
2021-07-15
CGE
Like and comment
- TeckLeong:
  Liked and comment back pls
MeiQuen
2021-07-15
MeiQuen
Ok
Magdalene89
2021-07-15
Magdalene89
Good
InvKeJ
2021-07-15
InvKeJ
All the best
- CubTrader:
  ?
sfleong1
2021-07-15
sfleong1
Like n comment
- Andtendo:
  Oki

Leave a comment

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A read on producers also showed prices accelerating to thelargest annual increase in over a decade, testing the Fed on its commitment to only let inflation “moderately” overshoot its 2% inflation target.\n“Right now of course inflation is not moderately above 2%, it is well above 2%. It’s nothing like ‘moderately,’” Powell told the House Financial Services Committee in testimony on Wednesday.\nBut Powell said the question is whether or not inflation will move down six months from now, which remains his expectation.\n“It will depend on the path of the economy, it really will,” he said.\nPowell acknowledged that inflation data has come in higher than expected and did not rule out the possibility that those price pressures could be more persistent than expected.\nBut the Fed chief pointed to used car and truck prices as evidence of the “transitory” nature of higher inflation readings. 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