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The Fed: Fed chief Powell says he thinks core inflation picked up a bit in June

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Federal Reserve Chairman Jerome Powell spoke at a dinner in Paris organized by the Bank of France.

Federal Reserve Chairman Jerome Powell said Tuesday that the central bank now estimates that a key measure of core inflation increased in June to its highest level in four months but added that, despite the acceleration, inflation pressures “remain muted.”

In a speech to the Bank of France in Paris, Powell said the Fed currently estimates the change in the so-called core personal consumption expenditure (PCE) price index was 1.7% over the 12-months ended June. That is up from 1.6% in May and 1.5% as recently as March.

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