Federal Reserve Chair Jerome Powell on Friday said his colleagues think that it will take some time to bring inflation back to the central bank’s 2% target.
“The data have continued to support the FOMC’s view that bringing inflation down will take some time,” Powell said during a moderated appearance alongside former Fed chief Ben Bernanke. Instead, it is just “simply a different forecast” where the market expects inflation to come down more quickly, perhaps due to a significant downturn, Powell said.
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