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10/22, 5:25 PM (Source: TeleTrader)
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Powell says inflation is 'well above' target

The inflation rate in the United States is now "well above" the 2% target, US Federal Reserve Chair Jerome Powell (pictured) noted on Friday.

Answering questions at the Virtual Bank for International Settlements-South African Reserve Bank Centenary Conference, Powell pointed out that the central bank's approach wasn't "designed" for the current scenario, and added that the Fed's two mandates of ensuring stable prices and full employment are "somewhat in tension."

Powell's remarks were mostly in line with the central bank's previously expressed stance that the tapering of asset purchases might come in the near future.

Breaking the News / BU