Federal Reserve Chair Jerome Powell will warn members of the Senate Banking Committee about upside risks to inflation during testimony on Tuesday.In prepared remarks, Powell predicted inflation will remain elevated in the coming months before moderating."As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some...
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.