The Wall Street Journal (WSJ) and CNBC reported on the 27th (local time) that US Federal Reserve Chairman Jerome Powell has announced that inflationary pressures due to supply chain bottlenecks are longer than expected.'

According to the report, Chairman Powell said in a written response to the Senate Financial Services Committee scheduled for hearing on the 28th that "inflation is expected to be lowered to the Fed's 2% target".
Chairman Powell said that as the economy recovers in the aftermath of the novel coronavirus, inflationary pressures are emerging and supply chain disruptions are particularly significant in some sectors.

In this regard, the Wall Street Journal said that "Chairman Powell acknowledged that inflationary pressures were greater than expected and the risk of lasting longer."

In response, Chairman Powell said he would raise interest rates "if continued high inflation becomes a significant concern."

Earlier, in a statement immediately after the two-day Federal Open Market Committee (FOMC) regular meeting on the 22nd, the Fed announced that it could begin tapering its asset purchases soon, implying that the timing of interest rate hikes could be as early as next year.

Meanwhile, US market interest rates have been on the rise again recently.

The yield on the 10-year U.S. Treasury bond once rose to 1.51% on the same day, surpassing the 1.5% level again for the first time in about three months.

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