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Federal Reserve Chair Jerome Powell said “with an appropriate dialing back of policy restraint, there is good reason to think that the economy will get back to 2% inflation while maintaining a strong labor market.”
Details: Speaking in Wyoming, Powell said that, until recently, most Americans had not experienced the pain of high inflation for such a sustained period but he added, “My confidence has grown that inflation is on a sustainable path back to 2%.”
Rate Cut: Powell said, “...the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”