NEW YORK U.S. inflation remains "uncomfortably" above the Federal Reserve's target despite the progress it has made in recent months, a senior bank official has said. The U.S. central bank has held interest rates at a two-decade high for the past year as it battles to return inflation to its long-term target of two percent following a pandemic-era surge in prices. The Fed 's favored inflation gauge now sits at an annual rate of just 2.5 percent, well below the peak reached in 2022, while the U.

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