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Powell: Rampant inflation 'not a problem' in recovery from COVID-19
Federal Reserve Chairman Jerome Powell said Tuesday that rampant inflation is “not a problem” to fear amid the recovery from the coronavirus recession. Powell told members of a Senate panel that while technical factors and the release of pent-up savings may push prices higher when the pandemic subsides, it won’t be enough to reverse decades of downward pressure on inflation. “We've averaged less than 2 percent inflation for more than the last 25 years,” Powell told the Senate Banking Committee, referring to the Fed’s annual inflation target. “Inflation dynamics do change over time, but they don't change ... (full story)