Federal Reserve System Chair Powell - these from his prepared testimony (via Reuters)
- factors pushing inflation upward will linger well into next year
- inflation running well above 2% goal, pushed up by pandemic-related supply and demand imbalances
- continue to expect inflation will move down significantly over the next year
- we will use our tools to support economy and strong labor market, and to prevent higher inflation from becoming entrenched
- economy continues to strengthen
- conditions in labor market have continued to improved
- still ground to cover to reach maximum employment, expect progress to continue
- slack is diminishing in the labor market
- rise in covid cases, omicron variant pose downside risks to employment, increased uncertainty for inflation
Powell sticking to the transitory inflation line, but it'll be into next year before it comes down.
