Fed chair warns low inflation is still distance dream

Hang on to your seats! Federal Reserve Chair Jerome H. Powell told House lawmakers Wednesday that most central bank officials expect inflation to continue to rise at a rapid pace throughout the rest of the year.

Noting that the United States “is still a long way away” from low and stable inflation despite the central bank’s 15-month interest rate hike campaign to slow price increases.

Speaking before the House Financial Services Committee, Powell said that inflation has dropped considerably since its peak last summer, the battle to tame it is not yet over.

Consequently, he said, the Fed will most likely raise interest rates even higher in July.