The Federal Reserve said that the economy is strengthening and making progress toward its employment and inflation goals, a small step closer to dialing back its ultra-low-interest rate policies.
Federal Reserve Board Chair Jerome Powell testifies before Senate Banking, Housing, and Urban Affairs hearing to examine the Semiannual Monetary Policy Report to Congress, Thursday, July 15, 2021, on Capitol Hill in Washington.
The statement the Fed issued after its latest policy meeting said that ongoing vaccinations were helping the economy. But it dropped a sentence it had included after its previous meeting that said those vaccinations have reduced the spread of COVID-19. That was the only reference to the delta variant that has caused a spike in COVID cases in several hotspots in the United States and many other countries.
Last month’s inflation surge marked a fourth straight month of unexpectedly large price increases, heightening fears that higher costs will erode the value of recent pay raises and undermine the economic recovery. In recent months, as consumer demand has exceeded the supply of goods and services in some industries, inflation — led by sharp price increases for things like used and new cars, hotel rooms and airline tickets —has topped 2%.
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