Federal Reserve Chair Jerome Powell said that the U.S. economy is facing a supply shock from the disruption of Middle East oil supplies after previous shocks like the COVID-19 pandemic and tariffs pushed prices higher.Powell spoke to an economics class at Harvard University on Monday and said that the series of supply shocks has kept inflation elevated above the central bank's 2% long-run target despite progress in slowing the pace of price growth substantially from its 9.1% peak in 2022."We got pretty close to 2% by the end of '24," Powell said. "We were just dealing with the effect of tariff...
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