Federal Reserve Chair Jerome Powell said the US economy achieved some progress in bringing inflation towards the 2% target and increasing job opportunities.
Powell said the labor market has achieved a better balance with strong employment gains, while inflation fell from 7% to 2.7% but remains too high.
He asserted the Fed’s commitment to bring inflation to the 2% target to support a strong economy that brings benefits to everyone.
According to Fed Chair Powell, the latest inflation data didn’t give policymakers enough confidence that they’re approaching their targets yet.
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