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Federal Reserve will not respond to surging inflation in U.S. as it's transitory: Powell Updated: 2021-07-15 09:59:54 KST

The chair of the Federal Reserve says the Fed will NOT respond to surging inflation in the U.S., saying the increase is mostly due to temporary factors.
Jerome Powell made the remarks Wednesday to the House Financial Services Committee, saying the U.S. economy "is still a way off" and needs to improve.
He said the Fed is aware of Americans' concerns about inflation, but it thinks such fears will subside as the rise won't be too prolonged.
In a report released Tuesday, the U.S. consumer price index soared 5.4 percent on-year in June, the biggest spike in more than twelve years.
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