Fed, Treasury bosses up inflation forecasts as Dems seek trillions for progressive agenda | Just The News

“Inflation is elevated and will likely remain so in coming months before moderating,” Powell said during a Senate hearing on Tuesday. “As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some sectors. These effects have been larger and longer lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2 percent goal.:

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