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Powell: Higher inflation temporary, no rate hikes in sight

Powell Higher inflation temporary no rate hikes in sight
Federal Reserve Chair Jerome Powell says inflation will likely pick up in the coming months but the increase will be temporary, and won’t be enough for the Fed to alter its low-interest rate policies

For example, gas prices have been rising as Americans are venturing out more. Yet oil production hasn't yet caught up, making gas more expensive. And when Americans do return to pre-pandemic habits, such as going to movies or eating out, they will have find many of their former favorite haunts closed.

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