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Fed Chairman Powell said he is strongly committed to lowering inflation. Without price stability, the labor market will not remain strong. We are purposefully adjusting our policy stance. We may need to adopt a restrictive policy stance for some time. The US economy has slowed sharply from last year. Consumer spending growth slowed, partly as a result of a tighter financial environment and lower real incomes. Real estate activity weakened. Slower output growth also put pressure on business fixed investment. The labour market is extremely tight. Job vacancies remain high. Inflation remains well above our target. Recent inflation data again above expectations.

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【Fed Chairman Powell: Inflation still far above our target, determined to reduce inflation】Fed Chairman Powell said he is strongly committed to lowering inflation. Without price stability, the labor market will not remain strong. We are purposefully adjusting our policy stance. We may need to adopt a restrictive policy stance for some time. The US economy has slowed sharply from last year. Consumer spending growth slowed, partly as a result of a tighter financial environment and lower real incomes. Real estate activity weakened. Slower output growth also put pressure on business fixed investment. The labour market is extremely tight. Job vacancies remain high. Inflation remains well above our target. Recent inflation data again above expectations.

Fed Chairman Powell: Inflation still far above our target, determined to reduce inflation

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