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Article content Powell’s remarks relieved investors who were concerned inflation data would prompt the Fed to signal the beginning of tapering, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. U.S. producer prices surged in June to the largest annual gain in more than 10-1/2 years, the Labor Department said. A day earlier, it said consumer prices rose by the most in 13 years. “Both the CPI yesterday and the PPI today came in considerably above expectations and signaled that inflation continues to run hot,” Arone said. “Even in the face of that Powell has stood steadfast.”

New zealandUnited statesSaudi arabiaUnited arab emiratesCity ofUnited kingdomJerome powellDavid gregorioCarolyn cohnMichael aroneJoe bidenAndrew galbraithMark heinrichSenate budget committeePostmedia network incLabor department