Inflation is likely to remain high in the coming months before moderating

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Following the decision of the Federal Open Market Committee (FOMC) to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, has offered his comments on monetary policy.

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“In some industries, short-term supply constraints are restricting activity.”

“The Fed still sees rapid economic growth despite the revisions.”

“The demand for labor is very strong.”

“The unemployment rate overestimates the employment deficit.”

“Fears remain that the virus will weigh on job growth, but should diminish over time.”

“It is inflation is likely to remain high in the coming months before moderating“.

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