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6/13, 9:07 PM (Source: TeleTrader.com)
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Powell: Still early to declare victory on inflation

United States Federal Reserve Chair Jerome Powell noted on Wednesday that it is "still early to declare victory on inflation" as he spoke following the central bank's latest interest rate hike. He noted that inflation is expected to remain within expected levels.

However, Powell said that the Federal Open Market Committee (FOMC) "would be concerned if inflation is persistently above or below 2%." He also stressed that the figure will likely stand above 2% this summer under the influence of high oil prices.

The chair pointed out it is the goal of the Fed to move inflation symmetrically with its tools and not allow it to be persistently neither above nor below the target 2%.

Breaking the News / VP