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Jerome Powell smiles after taking the oath of office for his second term as Chair of the Board of Governors of the Federal Reserve System at the Federal Reserve Building in Washington, DC, on May 23, 2022.
Jerome Powell smiles after taking the oath of office for his second term as Chair of the Board of Governors of the Federal Reserve System at the Federal Reserve Building in Washington, DC, on May 23, 2022.

OLIVIER DOULIERY/AFP via Getty Images

  • The Consumer Price Index, which measures inflation, plunged to 5.0% year-over-year in March.
  • It's a slowdown from the February's 6.0% reading, and it shows the Fed's war on inflation is working.
  • While there's still uncertainty from SVB's collapse, Americans can likely avoid a recession in 2023.

Things are looking pretty good for the nation's central bank — and Americans' wallets.

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economy, politics, Policy, Inflation, Recession, recession 2023, Jerome Powell, Federal Reserve, CPI, Elizabeth Warren, INSIDER graphics
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The Fed is winning its war on inflation — and it means America could avoid a pa…