President's Message: How Long Will Higher Inflation Last?

Tom Barkin

Econ Focus, 2022, vol. 22, issue 4Q, 1

Abstract: For the first time in more than a generation, we are grappling with high, broad-based, and persistent inflation. The pandemic and events like Russia's invasion of Ukraine unleashed shocks that affected supply chains and labor markets, pushing prices and wages up. In response to the pandemic, $6 trillion of fiscal stimulus was enacted, fueling demand and limiting labor supply. And some have argued the Fed's pandemic response was too expansionary for too long — that we were caught off guard after the prior decade of stubbornly low inflation.

Keywords: Inflation; Cost Pressure; Pricing Power; wage pressure (search for similar items in EconPapers)
Date: 2022
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