Federal Reserve Chair Jerome Powell, alongside Treasury Secretary Janet Yellen, kicked off his two-day congressional testimony with an appearance before the Senate Banking Committee Tuesday. In pre-released remarks, Powell said inflation pressures could last longer than expected as supply chain bottlenecks place upward pressure on prices.
“As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some sectors. These effects have been larger and longer lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2 percent goal,” Powell said.
In the video above, Jim Cramer broke down what he wants to hear from the Federal Reserve chair.
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