During testimony before Congress on Thursday, lawmakers expressed concern to Federal Reserve Chair Jerome Powell that the central bank’s policies are decreasing Americans’ access to affordable housing.
In his prepared remarks, Powell said that inflation “has increased notably and will likely remain elevated in coming months before moderating.” However, Powell said that such inflation is temporary — and he did not reveal any intention to scale back the Fed’s $120 billion monthly bond purchases, which increase the supply of dollars in the interest of stimulating the economy.
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