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MNI BRIEF: Powell Says Ukraine To Boost Inflation For a While

Federal Reserve Chair Jerome Powell told Congress Thursday the war against Ukraine will boost U.S. inflation for a time but could also put a dent on investor and consumer confidence.

“Commodity prices have moved up significantly, energy prices in particular. That’s going to work its way through our U.S. economy. We’re going to see upward pressure on inflation for a while, we don’t know how long that will be sustained for,” Powell said. “In addition, we could see risk-taking sentiment declining, so you could see lower investment, you could see people holding back on spending.”

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

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