Federal Reserve Chairman Jerome Powell, in the second day of his semi-annual testimony before the US Congress, said that the rise in energy prices will work its way through to the US economy and there will subsequently be upwards pressure on inflation for a while, reported Reuters.
Additional Remarks:
"We could see people holding back on spending in the US".
"We need to be alert and nimble in making Fed decisions".
"This is a great labour market for workers."
"The problem we are facing is high inflation."
"Restoring price stability is the single most important thing we can do."