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Powell - Non-Housing Services Doesn't Need To Go To 2%

FED
  • Services is the biggest part of inflation. Non-housing services is more than half of the index. We had made some progress there, particularly the market-based aspects of it.
  • That’s the area that could take the longest [to normalize]. At the same time it doesn’t need to go to 2%, it wasn’t 2% before the pandemic. You need the three main components aggregating to 2%.

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