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MNI BRIEF: Powell: Good Time to Retire 'Transitory' Inflation

WASHINGTON (MNI)

Fed Chair makes comments in Congressional testimony.

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Federal Reserve Chairman Jay Powell on Tuesday said inflationary pressures are broadening in the U.S. economy and it is time to retire "transitory" as a key descriptor of pandemic-related price pressures.

"We tended to use it to mean it won't leave a permanent mark in the form of higher inflation," he told the Senate Banking Committee. "It's probably a good time to retire that word and try to explain more clearly what we mean."

Inflation has "clearly met" the Fed's test for raising rates, he added, as it now averages 2% for a few years.