February 01, 2023 19:32 GMT
MNI BRIEF: Powell-Need A Lot More Evidence Of Inflation Drop
Powell says "substantially more evidence" needed to be confident of sustained decline in inflation.
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The Federal Reserve is comforted by the recent inflation decline but needs to see a lot more data before it is fully comfortable that the rate of price rises is returning to its 2% target on a sustained basis, Fed Chair Jerome Powell said in opening remarks to his Wednesday press conference.
"The inflation data received over the past three months show a welcome reduction in the monthly pace of increases. While recent developments are encouraging, we will need substantially more evidence to be confident that inflation is on a sustained downward path," Powell said. (See MNI: Fed Able To Tolerate Above 2% Inflation, Keep Target)