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Fed Officials Pledge ‘Unconditional’ Dedication to Lowering Inflation

Federal Reserve officials signaled a deep commitment to wrestling down the highest inflation in more than four decades, even as supply disruptions that are largely outside of their control help to push prices sharply higher.

Jerome H. Powell, the Fed chair, called the central bank’s commitment to bringing price increases under control “unconditional” while testifying before House lawmakers Thursday. His colleague Michelle Bowman, a Fed governor, signaled in an unscheduled speech that she would favor a three-quarter point increase in July and half-point increases at the “next few” meetings after that — keeping up an aggressive path of policy change — as the central bank tries to tamp down costs.

“These actions do not come without risk,” Ms. Bowman said. “But in my view, our No. 1 responsibility is to reduce inflation.”

The Fed is overseeing an economy in which growth is strong and consumers are spending. At the same time, shipping issues,

Keep reading this article on The New York Times Business.

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