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Powell Forecasts Inflation May Drop to 2% by the End of Next Year or the Following YearOn July 2, BlockBeats reported that Federal Reserve Chairman Jerome Powell stated inflation could return to 2% by the end of next year or the year after. Powell emphasized that the Fed's current policy stance remains restrictive and appropriate.

Powell highlighted that some of the inflation in the service sector is "catch-up" inflation. He also noted that the labor market is showing signs of cooling and that wage growth, while still above the desired equilibrium, is beginning to decline to a more sustainable level.

Despite these improvements, Powell pointed out that reducing inflation in the service sector remains particularly challenging. He underscored the importance of the ongoing adjustments in the labor market, indicating that it is moving towards a healthier balance.

Overall, Powell's comments suggest a cautious optimism regarding the future of inflation and the effectiveness of the Fed's policies in steering the economy towards stability.

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