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Fed Vice Chair Michael Barr stated in a speech today that while inflation has decreased from its peak of 7.1% to 2.7%, it is "not yet all the way to 2% target. He noted that inflation readings for the first quarter were "disappointing," as highlighted in FOMC's recent statement.
In a speech overnight, Fed Vice Chair Michael Barr noted that the FOMC is "confident" that US is "on a path to 2% inflation". However, Barr underscored the importance of seeing "continued good data" before initiating reduction in federal funds rate.
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