Powell still believes that inflation is temporary phenomenon

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There are no surprises in Powell's hearing before Congress so far. Prepared remarks to his semiannual Monetary Policy Report were published earlier and now Powell answers questions in the House. What did the Fed Chair say?

Recent inflation readings were higher than expected, but is still consistent with Fed expectations in terms of transitional nature
Opening schools should improve the situation on the labor market
House price rises aren't driven by irresponsible lending
Higher commodity prices also affect real estate prices
More home supply will limit price increases

It's hard to predict what would have to happen for the Fed to change its mind. Of course, we are waiting for a greater improvement in the labor market. Meanwhile, US100 erased early losses related to the tax thread. We are waiting for a possible test of the 15,000 pts level!

Source: xStation5

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