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Federal Reserve Chair Jerome Powell told Congress Tuesday fiscal stimulus plans are not likely to generate inflation despite market worries.
"We've been living in a world through a quarter century where all of the pressures were disinflationary," Powell said. "Inflation dynamics do change but they don't change on a dime, so we don't really see how a burst of fiscal spending that doesn't last for many years would actually change those inflation dynamics."
"There perhaps once was a strong connection between budget deficits and inflation. There really hasn't been lately," he added.
An MNI interview with an ex-Treasury adviser published Tuesday concurred with the notion that ample slack in the economy should prevent inflation pressures from taking hold.