The Fed Says Inflation Is Hotter Than It Thought But Sees Prices Cooling Next Year

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Federal Reserve Chairman Jerome Powell speaks during a Senate Banking Committee hearing in Washington, D.C., on July 15. The Fed issued new economic projections at the concusion of its policy meeting on Wednesday.

The Federal Reserve is projecting higher inflation this year than it had previously forecast, but says prices will cool more next year.

(Image credit: Al Drago/Bloomberg via Getty Images)

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