Powell says inflation, though elevated, will likely moderate

FEDERAL RESERVE Chair Jerome Powell said that inflation “will likely remain elevated in coming months" before “moderating,” an apparent acknowledgement that price gains have been larger and more persistent than many economists forecast. / AP FILE PHOTO/GRAEME JENNINGS/POOL
WASHINGTON (AP) – Federal Reserve Chair Jerome Powell suggested Wednesday that inflation, which has been surging as the recovery strengthens, “will likely remain elevated in coming months" before “moderating." At the same time, Powell signaled no imminent change in the Fed's ultra-low-interest rate policies. In written testimony he will deliver later Wednesday to the House…

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