SIGHTING: Fed Chair Powell says it’s ‘very, very unlikely’ the U.S. will see 1970s-style inflation
Federal Reserve Chairman Jerome Powell acknowledged [at a House sub-committee hearing]…that some inflation pressures are stronger and more persistent than he had anticipated…
“[The effects related to the economic reopening] have been larger than we expected, and they may turn out to be more persistent than we have expected,” he added. “But the incoming data are very consistent with the view that these factors will wane over time, and inflation will then move down toward our goals and we’ll be monitoring that carefully.”
Committee Republicans repeatedly pressed Powell on whether the economy was headed toward [inflation levels] of the 1970s and early ’80s when inflation peaked above 10%. Powell said such a scenario is “very, very unlikely.”
– From a 6/22/21 article published by CNBC. Read more at cnb.cx/35Qb2Ac.
