Fed exec: US inflation still 'uncomfortably' high

WASHINGTON, D.C. — US inflation remains "uncomfortably" above the Federal Reserve's (Fed) target despite the progress it has made in recent months, a senior bank official said Saturday.

The US 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 2 percent following a pandemic-era surge in prices.