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6/23, 6:21 PM (Source: TeleTrader)
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Inflation to fall closer to target in next 2 years - Powell

United States Federal Reserve Chair Jerome Powell asserted that the inflation will move down, closer to the Fed's 2% target in the course of the next two years, adding that the latest projections regarding inflation that individual Federal Open Market Committee (FOMC) participants submitted last week are "reasonable."

Powell once again reiterated that he expects "ongoing rate increases over the course of this year." He stated that he and his FOMC colleagues predicted that interest rates will be at 3 to 3.5 percent by the end of this year, a range that would be "moderately restrictive" for the US economy. Powell warned that these are "rough estimates."

Earlier, he underlined that although inflation expectations are currently anchored, more needs to be done in order for people not to lose confidence in the possibility of lowering inflation.

Baha Breaking News (BBN) / AY