The Federal Reserve uses “transitory” to describe the Covid-era jump in prices, which the central bank believes to be temporary.
“Generally speaking the higher prices we’re seeing can be traced back to the pandemic,” Powell said.
Powell also noted the economy took a body blow in the summer as the Delta variant spread across the globe.
“Expectations about short-term growth prospects ticked up, but job and income prospects ticked down.
Stocks in Asia Pacific and Europe slid, and oil prices fell about 2% as more countries reported cases of the variant and imposed new travel restrictions.
“There is no world, I think, where ,” Bancel said in an interview with the Financial Times published on Tuesday.