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MNI BRIEF: Powell-Need  Restrictive Policy For Some Time

(MNI) WASHINGTON

Federal Reserve Chair Jerome Powell says officials are looking for compelling evidence that inflation is moving back down to target before easing off from its aggressive monetary tightening stance.

“We'll need to bring our funds rate to a restrictive level and to keep it there for some time,” Powell told reporters. “Reducing inflation is likely to require a sustained period of below-trend growth and will likely require some softening in the labor market.”

Ahead of the FOMC meeting, MNI reported that the Fed would likely raise its terminal fed funds rate substantially, and the committee delivered just such a decision.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

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