US Fed’s Powell: Geopolitical tensions pose major risks to the ‎global economy

US Federal Reserve Chairman Jerome Powell said that geopolitical tensions pose major risks to global economic activity.

He added during a conference in New York, “Inflation is very high, and when many data are issued over several months, it will only serve as a beginning to build confidence that inflation is moving toward a decline to reach the target set by the Federal Reserve.”

He explained that while the path to reducing inflation will likely be bumpy and will take some time, Fed officials agree on the pledge to reduce inflation to 2%.

He pointed out that the data still indicates that the return of inflation to the target (2%) will take some time in a slower growth environment and some decline in the labor market.