Powell says spike in inflation lasting longer than expected

  • FILE - In this Thursday, July 15, 2021, file photo, Federal Reserve Board Chair Jerome Powell testifies before Senate Banking, Housing, and Urban Affairs hearing to examine the Semiannual Monetary Policy Report to Congress, on Capitol Hill in Washington. Powell is preparing to tell Congress that the current spike in U.S. inflation has proven to be larger and more long-lasting than expected. But, in remarks prepared for delivery Tuesday, Sept. 28, he says that if inflation does not abate, the Fed is ready to use its tools to lower the pressure on prices. (AP Photo/Jose Luis Magana, File)

WASHINGTON — Federal Reserve Chairman Jerome Powell is preparing to tell Congress that the current spike in U.S. inflation has proven to be larger and more long-lasting than expected.

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