US Inflation May Be Stronger, More Persistent Than Projected - Fed's Powell

Fahad Shabbir (@FahadShabbir) Published July 29, 2021 | 12:10 AM

US Inflation May Be Stronger, More Persistent Than Projected - Fed's Powell

WASHINGTON (UrduPoint News / Sputnik - 29th July, 2021) US inflation could run higher and be more persistent in the near term than forecast as the economy adjusts to bottlenecks caused by the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Wednesday.

"Inflation could turn out to be higher and more persistent than we expect," Powell told a news conference after the conclusion of the Fed's July policy meeting.� "It's clear that at this time inflation is actually running above 2 percent, has been and will be at least we expect in coming months before returning down toward our target."

The Fed has a long-term inflation target of 2 percent per annum.

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