Associated Press

Fed’s Powell says high inflation temporary, will ‘wane’

Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary. Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years. Republican House members have sought to blame higher inflation on President Joe Biden’s $1.9 trillion economic relief package, approved in March, in an effort to retake the House next year.

(Excerpt) Read more Here | 2021-06-22 14:44:56
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