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In this file photo, Federal Reserve Chairman Jerome Powell speaks during a news conference at the Federal Reserve Board building in Washington, Wednesday, July 27, 2022. On Friday Mr. Powell threw cold water on President Biden’s hopes that inflation will fade as a dominant issue in the midterm elections. (AP Photo/Manuel Balce Ceneta) ** FILE **

In this file photo, Federal Reserve Chairman Jerome Powell speaks during a news conference at the Federal Reserve Board building in Washington, Wednesday, July 27, 2022. On Friday Mr. Powell threw cold water on President Biden’s hopes that inflation will fade as a dominant issue in the midterm elections. (AP Photo/Manuel Balce Ceneta) ** FILE **

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