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Inflation has picked up 'notably' but will subside towards 2% target: Powell Updated: 2021-06-22 12:29:43 KST

The Chairman of the Federal Reserve, Jerome Powell, continues to say that the recent inflationary pressure in the U.S. is "transitory."
In remarks prepared for Congress to be delivered on Tuesday, Powell acknowledged that "inflation has increased notably in recent months," citing rising oil prices and a rebound in spending.
But he said it should fall back to the Fed's target of two percent as the temporary supply imbalances subside.
The American economy, he said, is recovering but the pandemic is still a threat.
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