5/12, 3:14 PM (Source: TeleTrader)
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Fed's Clarida: Inflation to return to 2% within next 2 years

Federal Reserve Vice Chairman Richard Clarida said on Wednesday that the United States economy remains a long way from the Fed's goals.

Clarida reiterated it would take some time for "substantial progress" in the economy to be achieved, noting the Fed remains committed to using its full capacity to support the economy as long as it takes.

Commenting on inflation, which has surged to 4.2% last month, he said that it would likely rise further before moderating later in 2021. Inflation in the US is expected to return to 2% or remain slightly above within the next two years, Clarida concluded.

Breaking the News / ND