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 sectors," Powell said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.