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2/23, 4:05 PM (Source: TeleTrader)
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Powell: US economy long way from employment, inflation goals

Federal Reserve Chair Jerome Powell said on Tuesday that the United States economy is still not close to reaching employment and inflation goals.

"Following a sharp rebound in economic activity last summer, momentum slowed substantially, with the weakness concentrated in the sectors most adversely affected by the resurgence of the virus," Powell noted in his Semiannual Monetary Policy Report to the Congress.

Concluding his opening remarks, Powell said that the Fed remains "committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible."

Breaking the News / ND