Powell Says US Economy in Strong Shape, Fed Can Avert Recession

(Bloomberg) — Federal Reserve Chair Jerome Powell said the US economy is in “strong shape” and the central bank can reduce inflation to 2% while maintaining a solid labor market, even though that task has become more challenging in recent months.

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He also vowed to ensure rapid price increases don’t become entrenched, saying that “we will not allow a transition from a low inflation environment to a high inflation environment.”

“We hope that growth will remain…

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