Powell says economy growing rapidly, inflation up ‘notably’

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell says the economy is growing at a healthy clip, and that has accelerated inflation. Still, in written testimony to be delivered at a congressional oversight hearing Tuesday, Powell reiterated his view that inflation’s recent jump to a 13-year high would prove temporary. Powell’s remarks follow a meeting of the Fed’s policymaking committee last week, when central bank officials signaled they were prepared to raise rates earlier than they had previously suggested.