11/30/2021, 4:50 PM (Source: TeleTrader)
more TeleTrader news

Fed's Powell: Good time to retire 'transitory' for inflation

Federal Reserve Chair Jerome Powell said on Tuesday that inflation in the United States can't be labeled anymore as "transitory," revealing expectations that consumer prices will continue to rise through the middle of 2022.

In a speech delivered before the Senate Banking Committee, Powell warned that the threat of persistently higher inflation has further grown. However, he noted that inflation is expected to return to lower levels by the end of next year.

Commenting on tapering, the Fed chair said officials would discuss speeding up taper at the next Fed meeting, while also considering whether to wrap up taper a few months sooner than initially planned.

Baha Breaking News (BBN) / ND