The Federal Reserve sees inflation moving up towards its 2% annual target but doesn’t see runaway price pressure, said Philadelphia Fed President Patrick Harker on Tuesday.
“We have time to move because we’re not seeing inflation running out of control. If it does, we’ll act accordingly,” he said. Many economists are worried that the massive fiscal stimulus passed by Congress earlier this year will cause cause the economy to overheat, sending consumer prices significantly higher.
Fed Chairman Jerome Powell told CBS News’ “60 Minutes” program on Sunday that the Fed will wait to see inflation before it starts to exit from its loose monetary policy stance. In prior economic recoveries, the Fed has removed accommodation based on forecasts of higher prices.
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As the world's reserve currency...probably not...for now.
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