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Federal Reserve Chair Jerome Powell opened up regarding the meaning of the word "temporal" while acknowledging inflation uncertainty and stressing that it is "premature" to increase prices.
" Inflation has come in greater than expected. Traffic jams have been extra consistent and are on track to persist well into next year. I do not think we lag the curve. The plan is well-positioned to attend to the range of possible results. It will certainly be early to raise rates today," Powell said at a seminar that followed the Fed's interest rate news.
The Fed Chair confessed that high inflation is worrying and also will likely last well into following year. "Rising cost of living in the medium-term … is our job. The degree of inflation that we have now is not regular with cost stability," he said. "For us, temporal has actually implied that it will not leave irreversible or constantly greater rising cost of living … We recognize uncertainty around transitory."
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Fed Chair Powell opens up about 'transitory' inflation, stresses it's 'premature' to raise rates
Federal Reserve Chair Jerome Powell opened up about the meaning of the word "transitory" while acknowledging inflation uncertainty and stressing that it is "premature" to raise rates.
"Inflation has come in higher than expected. Bottlenecks have been more persistent and are on track to persist well into next year. I don't think we are behind the curve. The policy is well-positioned to address the range of plausible outcomes. It will be premature to raise rates today," Powell said at a conference that followed the Fed's interest rate announcement.
The Fed Chair admitted that high inflation is concerning and will likely last well into next year. "Inflation in the medium-term … is our job. The level of inflation that we have right now is not consistent with price stability," he said. "For us, transitory has meant that it won't leave behind permanent or persistently higher inflation … We acknowledge uncertainty around transitory."
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