(From The Wall Street Journal)
Yields on U.S. government bonds have risen over recent weeks as investors grow more concerned about the inflation outlook, but Federal Reserve Chairman Jerome Powell told lawmakers Tuesday that a big near-term change in the path of inflation is unlikely.
“Inflation dynamics do change over time but they don’t change on a dime, and so we don’t really see how a burst of fiscal support or spending that doesn’t last for many years would actually change those inflation dynamics,” he said.
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