Federal Reserve Chair Jerome Powell highlighted the significant decline in inflation since its peak in 2022, predicting it will reach the Fed's 2 percent target. This progress is notable, as Powell noted that the reduction has occurred without the mass unemployment that was previously anticipated, indicating a unique economic recovery.
Powell pointed out that while inflation was influenced by pandemic-related distortions, the unwinding of these factors took longer than expected. This suggests that the Biden administration's fiscal policy had only a secondary impact on inflation, contrary to popular belief.
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