Stock Groups

Fed’s Powell pledges to prevent inflation from becoming ‘entrenched’ -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Jerome Powell, Federal Reserve Chairman, speaks during the hearing by Senate Banking, Housing and Urban Affairs Committee at Hart Senate Office Building, Washington, DC, U.S., September 28, 20,21. Kevin Dietsch/Pool via REUTERS/File Photo

WASHINGTON, (Reuters) – Federal Reserve Chairman Jerome Powell promised to “prevent higher inflation becoming entrenched” during comments he prepared for Tuesday’s congressional hearing. The high rate of price rises is expected to be a key topic.

In his opening remarks to the Senate Banking Committee, Powell didn’t mention explicitly the U.S. central banks plans to raise interest rates in the briefings.

However, he pointed out that during the pandemic outbreak, the economy faced “persistent supply-demand imbalances”, and that high inflation had “exactly a toll,” in particular on the poor.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses or other consequences arising from the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]