Fed Chair Acknowledges ‘Sharp Run-Up’ In Inflation But Sees Price Pressures Moderating

Federal Reserve Chair Jerome Powell addressed inflationary concerns in a speech Friday, acknowledging a sharp rise in prices but arguing, as he has before, that these are temporary, while pointing to signs of inflation easing. His remarks came as the Commerce Department said in a release Friday that a key inflation gauge, the so-called core PCE price index, rose 3.6 percent in July since last year, hitting a level not seen since 1991. At the same time, on a monthly basis, the core PCE gauge rose...