Fed chair admits inflation is 'higher than anybody expected'

Chairman Jerome Powell admitted that has remained more persistent than officials expected meaning interest rates could remain higher longer in the midst of an election year.

The remarks on Tuesday came as President repeated a false claim about the higher prices that have plagued his first term in office - stating inflation was 9 percent when he took office when it was actually 1.4 percent.

'We did not expect this to be a smooth road, but these were higher than I think anybody expected,' Powell said on Tuesday referring to the lack of progress combatting inflation.

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