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US Federal Reserve Chairman Jerome Powell said US inflation remains "too high". This is how he explained the central bank's decision to raise the key interest rate by 75 basis points (or 0.75%). It is the fourth hike this year, with Powell hinting that it may be raised further in a bid to ease price pressures on consumers.
At the same time, Powell is of the opinion that the American economy is not in recession and can avoid such a scenario.
"We think there is a path we can take to reduce inflation while maintaining a strong labor market," he said.
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