Federal Reserve Chair Powell Says Inflation Summer Trend 'Failed to Pass' Test

Fed Chair Jerome Powell said on Thursday during a press conference that the summer trend in inflation 'failed to pass' his benchmark. He noted he has seen 'very little' new information since his earlier judgment that would warrant reversing his position, and reiterated his stance. Powell also cited geopolitics as the third factor that changed over the past seven weeks, explaining how these assessments led to today's 'firm consensus' view.