Fed Chair Powell finally admits inflation is not transitory

• Fed Chairman Jerome Powell still expects inflation to ease eventually, but said he sees the current pressures running into 2022.
• The central bank leader said the current inflation pressures are “frustrating.”

Federal Reserve Chairman Jerome Powell still expects inflation to ease eventually, but said Wednesday that he sees the current pressures running into 2022.

Assessing the current economic situation, the Fed chief said during a panel discussion hosted by the European Central Bank that he was “frustrated” that getting people vaccinated and arresting the spread of the Covid delta variant “remains the most important economic policy that we have.”

“It’s also frustrating to see the bottlenecks and supply chain problems not getting better — in fact at the margins apparently getting a little bit worse,” he added. “We see that continuing into next year probably, and holding up inflation longer than we had thought.”

www.msn.com/en-us/money/markets/fed-chair-powell-calls-inflation-frustrating-and-sees-it-running-into-next-year/ar-AAOXNIa