Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, said on Friday that high inflation will likely last well into next year, but added that they still expect it to slide back toward its 2% target, according to Reuters.
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“Supply bottlenecks continue to weigh.”
“Another COVID spike this winter cannot be ruled out.”
“I think job growth will return to the high levels of last summer, but it could take longer than we think.”
“The Fed’s tools don’t do much about supply constraints.”
“The supply-side constraints have gotten worse in some cases recently.”
“If we see persistent inflation, we would use our tools.”
“We need to make sure our policy is positioned for a variety of results.”
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