Federal Reserve Chairman Jerome Powell said on Friday that inflation is far above the objective and that high inflation poses significant hardships.

Powell emphasized the central bank's strong commitment to returning inflation to its 2% goal during the Thomas Laubach Research Conference, adding that "price stability is the foundation of a strong economy."

Market reaction

So far, Powell’s remarks have no impact on markets. The US Dollar is pulling back after rising sharply on Thursday. The DXY is hovering around 103.40, down 0.10% for the day.

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