Powell has long maintained that high inflation is transitory, a view shared my most economists and the White House. In a report to Congress last week the U.S. central bank said that as the "extraordinary circumstances" of the reopening subside, "supply and demand should become better aligned, and inflation is widely expected to move down."
"Once prices get back toward pre-pandemic levels presumably the upside becomes more limited as consumers become price-sensitive as they were in normal times," said Alexander Lin, a U.S. economist at Bank of America Securities in New York.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: