Jerome Powell, Chair 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 move back down toward their 2% goal, per Reuters.
"Supply bottlenecks are still weighing."
"Cannot rule out another COVID spike this winter."
"I think job growth will move back to high levels of last summer, but could take longer than we thought."
"Fed tools don't do much for supply constraints."
"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 range of outcomes."
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