Powell: "Inflation Will Continue to Rise but Will Eventually Decline"

[Asia Economy New York=Correspondent Baek Jong-min] Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), stated that the rise in inflation will persist for a considerable period but will eventually slow down. He emphasized that if inflation continues to rise, the Fed will respond by raising interest rates.

The Fed on the 27th (local time) pre-released Powell's opening remarks for the Senate Banking Committee hearing scheduled for the next day. He said that inflationary pressures are being faced due to supply chain bottlenecks and other factors.

Chairman Powell mentioned, "Inflation will continue to rise over the next few months but is expected to decline toward the Fed's target of 2%."

Powell further stated, "If persistent inflation becomes problematic, we will raise interest rates."

Chairman Powell is scheduled to attend this hearing together with Treasury Secretary Janet Yellen.