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U.S. inflation extremely high, needs to be addressed -Breaking


© Reuters. FILEPHOTO: Chicago Federal Reserve Bank President Charles Evans views the Global Interdependence Center Member Delegation Event, Mexico City, Mexico on February 27, 2020. REUTERS/Edgard Garrido

By Ann Saphir

(Reuters) – Wednesday’s statement by Charles Evans, President of the Federal Reserve Bank of Chicago, stated that inflation is “extremely high”, driven up by supply chain problems and strong demand, and that it poses a “quite a threat” to economic growth.

Evans stated that “that’s something needs to be addressed with monetary policy for certain” and suggested rates should be adjusted to reach neutral.

According to him, inflation will be lower this year than next. However, it will probably still hover around 2.5% compared to the Fed’s 2 percent target for next year. And, it will take 2024 until we get to 2%.

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