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Powell Says Fed ‘Acutely Focused’ on Returning Inflation to 2%

“A prudent strategy might be, after the July meeting, to simply continue with 50 basis-point hikes until inflation is well on its way down to 2%,” he said in an essay Friday. “Obviously, in such a scenario, the FOMC would still need to remain data-dependent and have the flexibility to account for economic developments that might arise.”

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