Tuesday, 18 January, 2022
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Fed vows to prevent higher inflation

Fed vows to prevent higher inflation

Popular News

NEW YORK: US Federal Reserve Chair Jerome Powell said hat the central bank will use its tools to prevent higher inflation from becoming entrenched while supporting the economic recovery.

“The economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation,” Powell said in a written testimony prepared for delivery at his confirmation hearing before the Senate Banking Committee on Tuesday, report agencies.

“We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation,” Powell said, adding the central bank is “strongly committed” to achieving its statutory goals of maximum employment and price stability, reports Xinhua news agency.

“We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched,” Powell said.