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Federal Reserve Chair Jerome Powell said that transitory inflation has been higher and more persistent than expected but stressed that it would “wane.”
“Substantial part or perhaps all of the overshoot in inflation comes from the impact of reopening of the economy,” Powell told the members of the House Select Subcommittee on the Coronavirus Crisis.
Powell admitted that these temporary effects on inflation “have been higher than we expected, and they may turn out to be more persistent than we expected.”
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