Fed's Powell: The performance of the US economy has been "quite strong"
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Federal Reserve Chairman Jerome Powell participated in a fireside chat about economic trends in North America at the Wilson Center’s Washington Forum. Powell stated that the performance of the US economy has been "quite strong" and recent data indicates a lack of significant progress on inflation this year. Despite ongoing strength, Powell noted that the labor market is transitioning towards a better equilibrium. He also mentioned that broader wage pressures are moderating gradually and that if higher inflation persists, the Fed can maintain the current rate as long as needed. Powell emphasized that restrictive policy needs further time to work.
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