US stimulus package to continue - Fed

NEW YORK: Even as US inflation has hit the highest rate in over a decade, the central bank is sticking to its guns and will continue to provide stimulus until the economy has fully recovered, Federal Reserve Chairman Jerome Powell said on Wednesday.

Powell acknowledged that the inflation spike was stronger than the Fed was hoping to see and will remain "elevated" in coming months but he again expressed confidence the rate will decline once supply bottlenecks and other temporary issues are resolved.