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MNI BRIEF: Fed's Powell Says Road To Price Stability Bumpy

(MNI) WASHINGTON

Powell says the Fed won't overreact to what looks like improving but bumpy inflation data.

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Federal Reserve Chair Jerome Powell said Wednesday the last two months of stalling disinflation have not added greatly to policymakers confidence that inflation is coming down sustainably, but nor has it altered the expectation that price pressures will keep abating.

"They haven't really changed the overall story which is that of inflation moving down gradually on a sometimes-bumpy road toward 2%. I don't think that story has changed. I also don't think that those readings added to anyone's confidence that we're moving closer to that point," he told reporters during a press conference. (See MNI INTERVIEW: Fed Set For June Cuts, Risks Later Move-Sheets)

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Federal Reserve Chair Jerome Powell said Wednesday the last two months of stalling disinflation have not added greatly to policymakers confidence that inflation is coming down sustainably, but nor has it altered the expectation that price pressures will keep abating.

"They haven't really changed the overall story which is that of inflation moving down gradually on a sometimes-bumpy road toward 2%. I don't think that story has changed. I also don't think that those readings added to anyone's confidence that we're moving closer to that point," he told reporters during a press conference. (See MNI INTERVIEW: Fed Set For June Cuts, Risks Later Move-Sheets)