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Fed's Powell, in testimony, says inflation fight has "long way to go"

Posted on AllSides June 21st, 2023
From The Center
Economy and Jobs, Inflation, Jerome Powell, Federal Reserve
REUTERS/Sarah Silbiger

The Federal Reserve's fight to lower inflation back to its 2% target "has a long way to go," Federal Reserve Chair Jerome Powell said on Wednesday in testimony prepared for delivery to the House Financial Services Committee.

"Inflation has moderated somewhat since the middle of last year," with the Fed's preferred measure of inflation falling substantially from a peak around 7% last year to 4.4% as of April.

But recent progress has been slow.

"Inflation pressures continue to run high, and the process of getting inflation back down to 2%...

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