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"We have got to get inflation behind us. I wish there were a painless way to do that. There isn't."
As the economy improves, the FOMC looks at winding down its Covid-related support—and eventually raising interest rates.
The Federal Reserve chair said the U.S. central bank will wait until the economy has "all but fully recovered" to pull back the monetary support it rolled out in response to Covid-19.
Fed expects to stay on the sidelines throughout 2020 presidential election.
