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FOMC Chairman Jerome Powell is delivering his remarks at the International Monetary Fund’s (IMF) seminar entitled “Debate on the Global Economy.”

Key quotes

“One-time increase in prices is different from persistent inflation.”

“By inflation, we mean persistent inflation that goes up year after year after year.”

“We don’t expect price increases from tight supply to be repeated year after year.”

“We see upward pressure on prices likely to be temporary this year.”

“We do have tools to deal with inflation if the need arises.”

“Traditional tool to deal with inflation is to raise rates.”

“We will be monitoring inflation expectations closely.”

Market reaction

The US Dollar Index continues to push lower and was last seen losing 0.45% on the day at 92.00.