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Powell Expects High Inflation to Remain ‘Persistent’
Jerome H. Powell, the Fed chair, told House lawmakers that while inflation has moderated some since last year, inflation remains high and is far from stabilizing.
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Inflation has moderated somewhat since the middle of last year. Nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2 percent has a long way to go. Inflation has consistently surprised us and essentially all other forecasters by being more persistent than expected. And I think we’ve come to expect that and expect it to be more persistent. Our recovery is by far the strongest of any country. And I would say inflation that we have is actually everybody’s. Everybody has very high inflation. The E.U., the Bank of — sorry, the United Kingdom, many countries within Europe as well.
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