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Fed Chair Powell: Battle to bring down inflation still has ‘a long way to go’

https://edition.cnn.com/2023/06/21/economy/powell-testimony-house-committee/index.html

Fed Chair Powell: Battle to bring down inflation still has 'a long way to go' | CNN Business

Federal Reserve Chair Jerome Powell is testifying before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee — just one week after the central bank paused its most aggressive rate-hiking campaign in decades.

Powell doubled down on the hawkish view that the Fed isn’t done battling inflation in his remarks to lawmakers.

“Inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go,” he said. That could mean additional rate hikes, dashing financial market hopes of rates cuts any time soon.