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The missive came during a moderated conversation with Powell alongside European Central Bank President Christine Lagarde and Banco Central do Brasil Governor Roberto Campos Neto on the sidelines of the annual ECB Forum on Central
As of May, PCE inflation is clocking in at 2.6%, meaning that the Fed expects inflation to hover around this range for some time, given Powell’s comments. The consumer price index, which is a more widely cited gauge of inflation, is higher and was punching in at 3.3% in May. The Fed ended up hiking rates to 5.25-5.50%, the level the federal funds rate is at now. That is the highest rates have been since the dot-com bubble at the turn of the century.
But unemployment remained staggeringly low during much of the hiking cycle, even falling to 3.4% last year, the lowest level since 1969.
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