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Jerome Powell, the chair of the US Federal Reserve, has said that while inflation has been staying at or below the Fed’s 2% target, it is still too high. He noted that the US economy is currently expanding moderately and that he and his colleagues expect the pace to slow in coming months. This slowdown is likely needed to bring inflation back to a sustainable level. Powell further noted that the Fed is keeping a close eye on inflation and will use monetary policy to ensure it stays near target.