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March 7, 2024

Fed wants evidence inflation is tamed

WASHINGTON (AP) — Chair Jerome Powell reinforced his belief that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fed's 2% target.

Powell's comments to a House committee largely echoed those he made at a news conference Jan. 31. Since then, government reports have shown that inflation picked up from December to January, and hiring accelerated.


 
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