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MNI BRIEF: Powell Says Fed Focused On Core Inflation

Federal Reserve Chair Jerome Powell Wednesday stressed to U.S. senators he is focused on bringing down core inflation, acknowledging the central bank's tools and increasing interest rates would not bring down elevated gas and grocery prices.

"We focus very much on that," Powell said, referring to core inflation. "We are focused on that which we can address."

Ex-Fed staff have told MNI that using the Dallas Fed's trimmed mean measure of inflation could mean having to push the fed funds rate to around 4%. (See: MNI: Wary Fed Will Test Neutral Rate From Below -- Ex-Staffers)

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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