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Powell Said Process To 2% Inflation Is Going To Take Some Time

FED
  • Q: Would prolonged 3% inflation be OK, and hoping for an outside event to get it to 2%?
  • A: That's not what we're looking for. Not looking to get to 3% and then drop our tools. We think 2% is going to take some time, not a smooth process, we'll need to stay at this for a while.
  • Both sides of the mandate are equal. The labor market is very very strong, whereas inflation is running high. Right now we need to be focusing on bringing inflation down. Unfortunately we haven't been able to do that so far without unemployment going up.

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