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01:44

The head of the U.S. central bank told lawmakers on Tuesday, July 1, that inflation will be a thing of the past with the monetary policy he’s overseeing.

Kevin Warsh delivered his first report to Congress as the latest inflation numbers showed recent price rises slowing.

But renewed fighting between the U.S. and Iran over the Strait of Hormuz is already driving energy costs back up.

Owen Fairclough has more.

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US Fed says new policy will end inflation as energy prices surge