High U.S. inflation to last awhile, Fed Bostic says, and it’s no longer ‘transitory’
The biggest burst in U.S. inflation in three decades is likely to last longer than expected and no longer should be considered “transitory,” a senior Federal Reserve official said.
Fed Chairman Jerome Powell has insisted for months the increase was “transitory,” largly reflecting a surge in pentup demand after the economy fully reopened. Bostic said he and his staff will no longer refer to inflation as “transitory” because the current “episode” of inflation could persist for quite awhile, perhaps well into 2022 or beyond.
While Bostic still thinks price pressures will eventually ease, he said he’s “watching carefully” to make sure inflation doesn’t get out of hand.
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