Wall Street shares rise after Fed announces soft approach to inflation

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Chair Jeromy Powell says inflation will be allowed to rise above 2% to boost employment

Share prices on Wall Street rose to a fresh high after the head of the US central bank paved the way for years of more pro-growth policies by softening its approach to inflation.

Jerome Powell, the chairman of the Federal Reserve, said he and his policymaking colleagues in Washington had unanimously agreed that inflation would be allowed to rise above its 2% target for some time in order to boost employment.

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