Powell says the Fed is 'strongly committed' to 2% inflation goal
Fed Chairman Jerome Powell said Monday the central bank is "strongly committed" to maintaining 2% inflation.Powell also drew attention to low labor force participation and middling wage gains.
As part of a speech he delivered in Providence, Rhode Island, Powell expressed a sense of urgency in meeting the inflation part of the Fed's dual mandate. He said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy. "At this point in the long expansion, I see the glass as much more than half full. With the right policies, we can fill it further, building on the gains so far and spreading the benefits more broadly to all Americans," he said.
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