1/26, 8:36 PM (Source: TeleTrader)
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Powell: Higher inflation is now spread more broadly

Price hikes are at the moment spread across more sectors compared to the previous period, Federal Reserve Chair Jerome Powell said on Wednesday.

Delivering remarks after the end of the monetary policy meeting, Powell added that inflation is mostly linked to the pandemic, and added that Omicron spread is expected to slow down "rapidly."

"The labor market is far stronger" than it was during the previous inter-meeting period, Powell commented. "There are many millions of jobs opening" more than unemployed people, and there is "plenty of room to raise rates without hurting the labor market," he stressed.

Baha Breaking News (BBN) / BU