Powell: We Still Need More Evidence of Lessening Inflation

‘Inflation is running well above 2%, and high inflation has continued to spread through the economy’

TRANSCRIPT:

POWELL: "Inflation is running well above 2%, and high inflation has continued to spread through the economy. While the lower inflation readings for July are certainly welcome, a single month’s improvement falls far short of what the committee will need to see before we are confident that inflation is moving down. So, we are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%."

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