Powell vows to prevent inflation from taking long-run hold in the U.S.

Fed Chair Jerome Powell vowed Wednesday that policymakers would not allow inflation to take hold of the U.S. economy over the longer term. Powell continued his tough talk on inflation that is currently running at its highest level in more than 40 years. Inflation expectations have fallen considerably since the Fed started raising rates in March, but other surveys show that consumers expect prices to continue to climb. The Fed is charged with bringing down those expectations while not crashing the economy. Powell said he’s confident that will happen, though he acknowledged the risks ahead.’We’re strongly committed to using our tools to get inflation to come down,’ he said. ‘Is there a risk that would go too far? Certainly, there’s a risk. I wouldn’t agree that it’s the . . .