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© Reuters. U.S. Federal Reserve Chair Jerome Powell arrives to address reporters after the Fed raised its target interest rate by a quarter of a percentage point, during a news conference at the Federal Reserve Building in Washington, U.S., February 1, 2023. REUTERS
NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell on Wednesday welcomed recent cooling in inflation data but said there had not been enough progress bringing price pressures back to 2%.
“We will need substantially more evidence” that inflation is ebbing to be confident that it’s moving back toward the target,” Powell said in a press conference following the Federal Open Market Committee meeting.
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