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Fed’s progress against inflation ‘not assured’: Powell
The US Federal Reserve’s progress in bringing down inflation is “not assured,” the chair of the country’s central bank said Wednesday ahead of two days of hearings in Washington.
The Fed has hiked its key lending rate to a 23-year high to tackle stubborn inflation, successfully bringing the rate of price increases down from multi-decade highs toward its long-run target of two percent, AFP reported. But inflation remains elevated, and recent data indicate that the road to two percent could be a bumpy one