2/7, 7:09 PM (Source: TeleTrader)
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Fed's Powell: Global events influence inflation

Federal Reserve Board Chair Jerome Powell stated on Tuesday that inflation in the United States is affected not just by what happens in the country but globally as well, noting that "it's a risky world out there."

Speaking before the Economic Club in Washington DC, Powell stated the Fed has the necessary tools to bring inflation down to the target of 2% while stressing that events around the world, such as Russia's military operation in Ukraine, must be taken into account. He added the US is "just at the beginning" of the disinflation process.

Additionally, Powell said he has made effort to engage with Congress and lay out the central bank's decisions in a simplified way as he believes it is "important to explain what we're doing" and draw a connection between accountability and transparency.

Baha Breaking News (BBN) / JR