Powell to Congress: Inflation will stay high

The Federal Reserve banks of Dallas and Boston have announced that their presidents, Robert Kaplan and Eric Rosengren consider resignation following reports of their investment trading activity, which spurred calls for the Fed to review its ethics rules.
Kaplan acknowledged in a statement his stock trading distracted from the central bank’s policies, while Rosengren said in a statement he was leaving as he had qualified for health conditions to deal with a long-running condition.
Fed governor Lael Brainard pushed back against concerns that inflation might soon accelerate because of difficulties hiring workers and unemployment related issues.
Powell’s testimony before Congress today indicates he will tell lawmakers inflation is likely to stay high in the coming months before moderating.