Americans have been feeling the pinch of soaring prices of goods in recent months.
But he pointed to the change in the statement’s language as confirming at least that possibility.
“Inflation pressures continue to run high, and the process of getting getting inflation back down to 2% has a long way to go,” Powell said. Powell said that committee will be taking a “data-dependent approach” moving forward, and noted that inflation “continues to run high.” He said that the Federal Open Market Committee — the body which determines monetary policy — will be taking a “data-dependent approach” moving forward, and noted that inflation “continues to run high.”
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