Though he said that inflation was also likely to rise through most of this year, policymakers still expected the inflation rate to return to the 2% target in the next few years.
Wall Street experienced a sharp decline as the Federal Reserve maintained interest rates. AI-related chip stocks also saw further losses ahead of key earnings reports.
Federal Reserve Chairman Kevin Warsh stressed commitment to the 2% inflation target. He clarified there is no implicit inflation target above this for the committee
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