Federal Reserve Chairman Jerome Powell on Wednesday downplayed the recent string of high readings of inflation, telling Congress that price pressures will still likely abate.
On Tuesday, figures from the Bureau of Labor Statistics showed the Consumer Price Index increasing by 5.4% on a year-over-year basis in June, the fastest pace since August 2008. A read on producers also showed prices accelerating to the largest annual increase in over a decade, testing the Fed on its commitment to only…
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