Inflation in the US could “approach” the Federal Open Market Committee’s new average inflation target more quickly than expected, according to Esther George.

Speaking on January 12, the Federal Reserve Bank of Kansas City president noted the pandemic had disproportionately affected certain sectors of the economy, which was having an impact on inflation.

“Large contributors to the decline in inflation are a bit idiosyncratic,” she said. These sectors of the economy include owner-occupied

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