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US Fed needs to move quicker on inflation, bank chief says

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Dec 08, 2021 - 03:44 AM

ANKARA (AA) – The US Federal Reserve needs to move quicker to address inflation concerns, the CEO of American bank Wells Fargo, Charlie Scharf, said Tuesday.

“There’s a case to be made that they should be moving faster than they’ve been moving,” he said. “Inflation is very, very real.”

Scharf’s comments come as the world sees record-high inflation in the post-coronavirus pandemic period.

The euro area posted an annual inflation rate of 4.9% in November — its highest since 1997, according to provisional figures released by Eurostat.

In the US, consumer prices soared 6.2% in October, the largest 12-month increase since 1990, and producer prices were up 8.6% in that month on an annual basis.

Fed Chair Jerome Powell said last week that the central bank is ready to use all of its tools to fight high inflation.

His comments also suggested that the Fed would discuss winding up its asset purchases at a faster rate at its next meeting on Dec. 14 – 15.

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