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Federal Reserve Chair Jerome Powell said Thursday inflation is below the central bank's 2% target and inflation expectations are unlikely to become unmoored after decades of weak price growth.

"We want inflation expectations to be anchored at 2%," Powell said during a Q&A. "Inflation is running below 2% and has done so since the pandemic arrived."

MNI has reported mounting concern among some Fed economists about the potential for rising inflation as proactive fiscal policy meets prolonged low interest rates.