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5/4/2022, 8:36 PM (Source: TeleTrader)
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Powell: Inflation is much too high

United States Federal Reserve Chair Jerome Powell said on Wednesday that the inflation in the United States is much too high.

In a news conference after the Fed’s biggest rate hike in two decades, Powell stated that "the labor market is extremely tight and inflation is much too high," while adding that "it is essential" that the US "bring inflation down" in order "to have a sustained period of strong labor market conditions that benefit all."

He further noted that rising crude oil and other commodity prices stemming from the Russian invasion of Ukraine are creating additional upward pressure on inflation. And COVID-related lockdowns in China will likely exacerbate supply chain disruptions even further.

Baha Breaking News (BBN) / JG