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On track for taper, high inflation could last into next year -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Jerome Powell, Federal Reserve Chair, attends the House Financial Services Committee hearing at Capitol Hill in Washington (U.S.A.), September 30, 2021. Al Drago/Pool via REUTERS

Lindsay (NYSE 🙂 Dunsmuir

(Reuters) – Federal Reserve Chair Jerome Powell stated Friday that the U.S. central banking is on track to reduce its asset purchases. He also noted that he believes inflation will decrease next year due to COVID pressures.

Powell made a virtual appearance and stated that “Supply restrictions and high inflation will likely last longer than originally expected” and could continue well into the next year. He said that the most probable scenario is for inflation to ease and job growth will resume as normal from last summer. However, “if there was a persistent risk of rising inflation, we would certainly use our tools.”

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