Powell downplays ‘stagflation’ concerns
Last week’s GDP report that showed slowing overall growth but solid price increases raised some concern about the U.S. entering a period of “stagflation,” but Fed Chair Jerome Powell downplayed that idea on Wednesday.
“I don’t really understand where that’s coming from,” Powell said.
The central bank chief pointed out that, by some measures, economic growth is at 3% and inflation is below 3%.
“I don’t see the ‘stag’ or the ‘-flation’,” Powell added.
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