Fed committed to bringing down inflation 'expeditiously' -Powell

STORY: "It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all," Powell said at a hearing before the U.S. Senate Banking Committee, adding that the central bank in coming months will be looking for "compelling evidence" of easing price pressures.

Inflation continues to run well above the Fed's targeted level of 2%.

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