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Powell Says Full Effects of Tightening Yet To Be Felt

FED
  • Powell: "We've covered a lot of ground and the full effects of our tightening have yet to be felt."
  • Labor market remains very tight; job gains are running at a pace below seen than earlier in the year but still a strong pace. Continuing signs supply/demand coming into better balance.
  • Inflation remains well above our longer run goal of 2 percent. Inflation has moderated somewhat since the middle of last year. "Nonetheless, the process of getting inflation back down to two percent has a long way to go." Longer term inflation expectations appear to remain well anchored. Strongly committed to returning inflation to our 2 percent objective.

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