🚨🚨🚨 JEROME POWELL ""
.Lesson from the '70s Is That Fed Needs to 'Hold on' Until Inflation Is Beaten, Says Powell""🧐🧐🧐🚨
Chairman Jerome Powell said the Federal Reserve is aware of the risks of a rebound in price growth and emphasized the central bank's commitment to an annual inflation target of 2%.
Senator Thom Tillis, a Republican from North Carolina, described his experience entering the workforce in the 1970s, a period when inflation was high in the US.
He asked what lessons Powell took from the Fed's experience over the decade. “I think the first thing we learn is that central banks have to take [inflation] and keep it at bay until it's over,” Powell said. “That doesn't sound controversial today, but it actually happened in the past...Inflation continued to rise.
” The personal consumption expenditures price index—the Fed's preferred measure of inflation—rose 2.6% from a year earlier in May, down from a peak of above 7% in mid-2022.
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