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Powell tells Senate Fed remains focused on dual mandate as inflation eases
Summary
Federal Reserve Chair Jerome H. Powell told the Senate Banking Committee the Fed is focused on achieving maximum employment and stable prices, saying inflation has moved closer to the 2% goal and the committee will be deliberate about future policy changes.
Federal Reserve Chair Jerome H. Powell told the Senate Banking, Housing, and Urban Affairs Committee that the Fed remains focused on its dual mandate of maximum employment and stable prices and that recent data show progress toward those goals.
Powell said the economy "is strong overall and has made significant progress toward our goals over the past 2 years," noting that "inflation has moved much closer to our 2% longer run goal though it remains somewhat elevated." He described labor market…
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