US could face more inflation ‘surprises’: Fed’s Powell

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AFP

Washington (AFP) – The US economy is strong but faces an “uncertain” global environment and could see further inflation “surprises,” Federal Reserve Chair Jerome Powell said Wednesday. In the first of two closely-watched days of testimony to Congress, Powell again stressed that the Fed understands the hardship caused by rising prices and is committed to bringing down inflation, which has reached a 40-year high. The US central bank last week announced the most aggressive interest rate increase in nearly 30 years and promised more action to come to combat the price surge, with gas and food costs…

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