Fed’s Powell says high inflation temporary, will ‘abate’

THE ECONOMY is growing at a healthy clip, and that has accelerated inflation, Federal Reserve Chair Jerome Powell said Tuesday. / AP FILE PHOTO/SUSAN WALSH
WASHINGTON (AP) – Federal Reserve Chair Jerome Powell said Tuesday that he expects recent price spikes will soon subside and reduce inflation to a sustainable level. Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years. But Powell said the increase mostly reflected temporary supply bottlenecks, and the…

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