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Powell says achieving 'substantial further progress' a ways off
Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases, while adding that inflation is likely to remain high in coming months before moderating. “At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell said Wednesday in remarks prepared for delivery before the House Financial Services Committee. “While reaching the standard of ‘substantial further progress’ is still a ways off, participants ... (full story)
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