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The US Federal Reserve (Central Bank) President Jerome Powell warned yesterday that the risks of “a continued rise in the rate of inflation” have increased, and indicated that the institution will consider eliminating stimulus sooner than planned.
After describing months of rising inflation from disruptions in supply chains and shortages in food and labor as “temporary,” Powell told the Senate Banking Committee that it was time to “drop” the term when describing price increases.
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The Fed targets 2% inflation, but the rate rose to 5% in the 12 months to October.
“It is clear that the risks of continued high inflation have increased,” Powell said, but he indicated that the Federal Reserve “will use its available means to ensure that the high rate of inflation does not take hold.” The Federal Reserve has begun to abandon the stimulus measures taken to protect the economy from the repercussions of the pandemic, noting that Powell had previously indicated that decision makers could wait before increasing interest rates on loans.
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