Fed Chairman Powell will tell Congress the sharp rise in inflation will fade
Federal Reserve Chairman Jerome Powell on Wednesday once again said that he thinks the sharp rise in inflation seen so far this year will dwindle away.
Powell cited three factors for higher inflation: “base effects” when weak readings of inflation last year drop out of the 12-month calculation, production bottlenecks or supply constraints have led to sharp price increases after the pandemic, and a surge in demand for services as the economy reopens.
“While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue,” Powell said.
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