rose as several industries tried to quickly boost production through the month. Climbing commodity prices typically bleed into production costs and, eventually, the prices consumers pay at the register.
A criticism on the right and parts of the center-left is that Democrats' $1.9 trillion stimulus package is excessive in juicing the economic recovery, but Fed Chair Jerome Powell has said stronger inflation"Inflation dynamics do change over time, but they don't change on a dime," Powell said during a February Senate hearing."We don't see how a burst of fiscal support or spending, that doesn't last for many years, would actually change those inflation dynamics.
JPMorgan backed up such an outlook on Wednesday, saying the burgeoning inflation spike will prove to be"largely transitory." The bank's economists see core inflation rising above 2% in 2021 as price pressures linger. The Fed's low-rate policy stance will allow inflation to run hot for some time, but easing strains across the US manufacturing industry should cut down on price growth, the team led by Bruce Kasman added.
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