Fed/Powell: Key inflation measure will be at 2.2 percent in August
Istanbul, September 18 (Hibya) - Fed Chair Jerome Powell said Wednesday that a key measure of the pace of price increases would show that inflation fell to 2.2 percent in August.
The central bank leader said the personal consumption expenditures price index, which was at 2.5 percent in July, got closer to the Fed’s 2 percent goal. The Bureau of Economic Analysis will not release the final PCE number for August until late September.
“Our patient approach over the past year has paid dividends. Inflation is now much closer to our objective, and we have gained greater confidence that inflation is moving sustainably toward 2 percent,” Powell said in his post-meeting press conference.
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