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Fed Chair Powell Testimony: Inflation headlines

FED
Notable inflation headlines from Fed Chair Powell on day 2 of testimony. Tsy futures have scaled back from morning highs, near session lows at moment.
  • INFLATION IS WELL ABOVE 2%
  • INFLATION IS NOT TIED TO USUAL FACTORS SUCH AS A TIGHT LABOR MARKET OR TIGHT ECONOMY
  • THIS IS A SHOCK TO THE SYSTEM ASSOCIATED WITH REOPENING
  • TO THE EXTENT HIGHER INFLATION IS TEMPORARY IT WOULD NOT BE APPROPRIATE TO REACT TO IT
  • FED WILL CONTINUE TO EVALUATE THE RISKS THAT AFFECT INFLATION

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