Powell Says New Inflation Data Show Fed Has More Work to Do
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Federal Reserve Chair Jerome Powell said the latest consumer price data show that while the central bank has made substantial progress toward taming inflation, there is still more work to do.
“I would say we’re close, but not there on inflation,” Powell told the House Financial Services Committee Wednesday in response to a question on the second day of his semi-annual testimony to Congress. “Last year, inflation was 2.6% — so great progress — but we’re not quite there yet,” Powell said, referencing a different inflation gauge than the consumer price index, which came out earlier Wednesday.