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Fed Chair Powell reassures markets, says rate hikes unlikely and inflation will move lower. Slower balance sheet runoff to mitigate market stresses.
Federal Reserve Chair Jerome Powell emphasized the need to allow more time for restrictive monetary policies to bring inflation toward the Fed’s 2% goal Wednesday while reassuring markets the Fed’s policy stance remains appropriate, pushing back fears of rate hikes. “The inflation data received so far this year have been higher than expected,” Powell said adding that it is likely that gaining greater confidence in disinflation will take longer than previously thought. Addressing concerns about p