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Powell vows to prevent inflation from taking long-run hold in the U.S.

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Federal Reserve Chairman Jerome Powell vowed Wednesday that policymakers would not allow inflation to take hold of the U.S. economy over the longer term. «The risk is that because of the multiplicity of shocks you start to transition to a higher-inflation regime.

Our job is literally to prevent that from happening, and we will prevent that from happening,» the central bank leader said. «We will not allow a transition from a low-inflation environment into a high-inflation environment.» Speaking to a European Central Bank forum along with three of his global counterparts, Powell continued his tough talk on inflation running at its highest level in more than 40 years.

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