US Federal Reserve will restrain any overshoot of inflation target, says Chair Powell

A high-flying US economy which had witnessed its shortest recession on record earlier last year, would momentarily witness "a little higher" inflation this year as recovery appeared to be speeding up with supply disruptions stepping up prices in many sectors, however, the US Federal Reserve would limit any overshoot of its inflation target of 2 per cent, the US Fed Chair Jerome Powell said in a letter dated back to April 8 in response to a query from a Powell-critic, Senator Rick Scott, a press agency report published late on Tuesday had unveiled.