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Fed Chair Powell (Q&A) says on net there was no progress on core PCE last year; most of overshoot was in goods, related to tariffs, and was one-time

Fed Chair Powell's remarks indicate that core PCE inflation has not shown significant improvement, with the overshoot largely attributed to one-off factors like tariffs on goods.

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Context

This suggests that the Fed may maintain a cautious approach on interest rates, as persistent inflation pressures could impact policy decisions going forward. Traders should monitor potential implications for the USD and fixed income markets as the Fed evaluates its inflation strategy.

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