Wash: Inflation has exceeded targets for nearly six years—watch for price increases to spread

At the press conference, Federal Reserve Chair Jerome Powell noted that U.S. inflation has remained above the Federal Open Market Committee’s (FOMC) target for nearly six years—and price stability is the central focus of this FOMC meeting. He stressed that recent increases in energy prices and related costs pose renewed risks, and the Fed must guard against localized relative-price shifts spilling over into the broader economy, while continuing to anchor inflation expectations.