{"id":122000,"date":"2021-04-20T16:42:13","date_gmt":"2021-04-20T16:42:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=122000"},"modified":"2021-04-20T16:42:13","modified_gmt":"2021-04-20T16:42:13","slug":"exclusive-fed-chair-powell-says-wont-allow-substantial-overshoot-of-inflation-target-april-8-letter-to-u-s-senator","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/exclusive-fed-chair-powell-says-wont-allow-substantial-overshoot-of-inflation-target-april-8-letter-to-u-s-senator\/","title":{"rendered":"Exclusive: Fed Chair Powell says won't allow 'substantial' overshoot of inflation target – April 8 letter to U.S. senator"},"content":{"rendered":"
FILE PHOTO: Federal Reserve Chairman Jerome Powell testifies before the Senate on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh\/Pool via REUTERS<\/figcaption>

(Reuters) – The U.S. economy is going to temporarily see \u201ca little higher\u201d inflation this year as the economy strengthens and supply constraints push up prices in some sectors, but the Federal Reserve is committed to keeping any overshoot within limits, Fed Chair Jerome Powell said in an April 8 letter.<\/p>\n

\u201cWe do not seek inflation that substantially exceeds 2 percent, nor do we seek inflation above 2 percent for a prolonged period,\u201d Powell told Senator Rick Scott in a five-page letter responding to a March 24 letter from the Florida Republican raising concerns about rising inflation and the Fed\u2019s bond buying program. \u201cI would emphasize, though, that we are fully committed to both legs of our dual mandate – maximum employment and stable prices.\u201d<\/p>\n

Scott, while not on the Senate Banking Committee that directly oversees the Fed, nonetheless has been a vocal critic of Powell. He has warned that the Fed\u2019s low interest rates and bond-buying program will force prices higher, hurting families and businesses.<\/p>\n

His office provided Powell\u2019s letter to Reuters, and suggested the response did not allay the senator\u2019s concerns.<\/p>\n

\u201cThe data is clear that inflation is rising, and Chair Powell continues to ignore this growing problem,\u201d Scott\u2019s office told Reuters in the email. \u201cSenator Scott remains concerned about the impact inflation will have on low and fixed-income American families, like his growing up. He is calling on Chair Powell to wake up to this threat, lay out a clear plan to address rising inflation and protect American families.\u201d<\/p>\n

Powell in his letter said that low inflation constrains the Fed\u2019s ability to offset economic shocks with easy policy, and that after a decade of too-low inflation, the Fed is now aiming for inflation moderately above 2%.<\/p>\n

\u201cWe understand well the lessons of the high inflation experience in the 1960s and 1970s, and the burdens that experience created for all Americans,\u201d Powell said in the letter. \u201cWe do not anticipate inflation pressures of that type, but we have the tools to address such pressures if they do arise.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Federal Reserve Chairman Jerome Powell<\/p>\n","protected":false},"author":3,"featured_media":121999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nExclusive: Fed Chair Powell says won't allow 'substantial' overshoot of inflation target - April 8 letter to U.S. senator - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/exclusive-fed-chair-powell-says-wont-allow-substantial-overshoot-of-inflation-target-april-8-letter-to-u-s-senator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive: Fed Chair Powell says won't allow 'substantial' overshoot of inflation target - April 8 letter to U.S. senator - 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