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While much of Wall Street is ringing alarms about out-of-control inflation, Federal Reserve Chair Jerome Powell and his colleagues are expressing confidence in a more benign outlook. Acceleration in U.S. price growth this year will have “only transitory effects on underlying inflation,” Fed Vice Chair Richard Clarida said Wednesday, playing down news released earlier that consumer prices climbed in April by the most since 2009. Governor Lael Brainard said the day before that officials should be “patient though the transitory surge.” Both echoed Powell, who has repeatedly stressed the temporary nature of an anticipated increase in price pressures. While policy makers expect the Fed’s preferred measure of inflation to rise to around 2.4 per cent this year as the economy reopens and the pandemic recedes, they forecast it to return to their 2 per cent goal for 2022.

United statesJerome powellEdward knotekAndrew husbyYelena shulyatyevaLael brainardRichard claridaThomas barkinJason furmanDavid wilcoxBrent meyerInflation researchCleveland fed centerFederal reserveDisruptive technologyUniversity of michigan