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Asian shares bounce back, shrugging off inflation concerns

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By ELAINE KURTENBACH

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Shares will bounce back

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Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second four-year term, for the first time Thursday acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a recession.

To be clear, Powell also said: "The question whether we can execute a soft landing or not — it may actually depend on factors that we don’t control,” the Fed chair said. “There are huge events, geopolitical events going on around the world, that are going to play a very important role in the economy in the next year or so.”

He also said that slowing inflation to the Fed's 2% annual target “will also include some pain, but ultimately the most painful thing would be if we were to fail to deal with it and inflation were to get entrenched in the economy at high levels.”

Add to that, former Federal Reserve vice chairman Roger Ferguson said last week that the "probability of a recession in 2023 is certainly very very high."

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