Some modest progress in taming inflation achieved (Il Sole 24 Ore Radiocor) - Washington, 09 Jul - The most recent data on US inflation have shown modest progress in bringing taming pricing pressure but high inflation is not the only risk the US faces, Fed Chair Jerome Powell said.

In testimony before Congress, Powell said recent inflation readings "have shown some modest further progress, and more good data would strengthen our confidence that inflation is moving sustainably toward 2".

He said the Fed continued to make decisions meeting by meeting, adding it knew reducing policy restraint too soon or too much could stall or even reverse the progress seen on inflation.

"At the same time, in light of the progress made both in lowering inflation and in cooling the labor market over the past two years, elevated inflation is not the only risk we face. Reducing policy restraint too late or too little could unduly weaken economic activity and employment," he said.

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(RADIOCOR) 09-07-24 16:28:41 (0469) 5 NNNN