- Inflation is too high
- Prices of goods in really high demand and short supply have skyrocketed
- Expect economy will continue to power through pandemic
- Says his forecast was 'aligned with three rate hikes' in 2022
- Inflation likely to be 2.5% at the end of the year
- Stance of monetary policy is 'wrongfooted' given high inflation
The overall amount of spending of US consumers hasn't changed much during the pandemic but far more has been directed towards goods, which is a big reason that inflation in goods has climbed so much.