WASHINGTON, Jan 12 ― The pressures pushing prices to multi-decade highs are likely to last through the middle of the year, and the US central bank is ready to respond to this risk, but policymakers are committed to extending the economic expansion to promote employment, Federal Reserve chief Jerome Powell said yesterday.
In the nomination hearing before the Senate Banking Committee, Powell again vowed that the Fed will do all it can to ensure high inflation does not become entrenched. But the Fed chief attributed most of the price surge to a “mismatch” between supply and demand caused by global logistics snarls, although policymakers also are watching wage growth carefully.
“High inflation is a severe threat to the achievement of maximum employment and to achieving a long expansion that can give us that.” Some senators and observers argue the Fed has waited too long to fight back against inflation and even the three rate hikes many predict the central bank will approve this year will not be enough.
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