The testimony continues for Yellen / Powell
ON inflation Yellen says:
- We see inflation all over the developing world
- we have seen a shift in spending from services to goods
- also sees reduced labor supply due to health issues / childcare disruptions
- over time, infrastructure inflation will reduce inflationary pressures
- if you removed inflation from durable goods, it would be a much lower level if inflation
- we expect inflationary pressures to ease in the second half of 2022, but there is a huge amount of certainty surrounding the forecast
- The conditions for reaching 2% inflation and achieving inflation above 2% for a certain time are fulfilled
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