WASHINGTON (AP) — Chair Jerome Powell said Monday that the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said...
WASHINGTON — Chair Jerome Powell said Monday that the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut rates before the pace of price increases actually reached that point.
In his remarks Monday, Powell stressed that the Fed did not need to wait until inflation actually reached 2% to cut borrowing costs. In a call with reporters, Daly struck an upbeat tone, saying that June’s consumer price report showed that “we’ve got that kind of gradual reduction in inflation that we’ve been watching for and looking for, which ... is actually increasing confidence that we are on path to 2% inflation.”
Hiring and job openings are also cooling, thereby reducing the need for many businesses to ramp up pay in order to fill jobs. Sharply higher wages can drive up inflation if companies respond by raising prices to cover their higher labor costs. The former president told his former White House doctor that he would have died if he didn't turn his head to look at an immigration statistics chart.Donald Trump Explains 'Get My Shoes' Comment During Assassination Attempt
The Federal Reserve Inflation Report Price Increases Economic Club Of Washington Rate Reductions
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