President Joe Biden talks with Jerome Powell, his nominee to remain as the Federal Reserve Chair and Lael Brainard, nominee to be the Federal Reserve Vice Chair, Monday, November 22, 2021, in the South Court Auditorium of the Eisenhower Executive Office Building at the White House. (Official White House Photo by Adam Schultz)
In a speech by Fed Reserve Chairman Jerome Powell, Powell said he expects it will take three years to bring inflation back to a normal level. Inflation at 7.9% is the highest in four decades.
The inflation outlook has deteriorated significantly this year, even before Russia’s invasion of Ukraine. The rise in inflation has been much greater and more persistent than forecasters generally expected.
According to Mr. Powell, the experts at the Federal Reserve consistently underestimated the increase in inflation.
When the Fed met last June, reports Byron York in the Washington Examiner, Powell said, “all the participants predicted that 2021 inflation would be significantly lower than it ultimately turned out to be. And then, when they met in December, they did it again.”
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