WASHINGTON | Fed Chairman Powell says economic challenges remain

WASHINGTON | Fed Chairman Powell says economic challenges remain

WASHINGTON— Federal Reserve Chairman Jerome Powell said Monday that despite solid economic progress, the country still faces a number of challenges ranging from slow wage-growth for lower-income workers to sluggish productivity and an aging population.

Powell said in remarks at a Fed award ceremony that these challenges remain even though unemployment is near five-decade low and the financial system has been bolstered since the 2008 financial crisis.

While there have been recent gains in wage growth, Powell said that wages for lower-income workers have grown quite slowly over the past few decades.

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