Comments from the NY Fed President
- His view is that inflation will come down to about 2% next year and the year after
- It's hard for businesses to keep up with the reopening
- It's going to take some time to work through bottlenecks and shortages
- He would be concerned if higher inflation persisted
- We're seeing a record number of job openings and shortages of raw materials
- Businesses that had to cut employment and production are needing to brace to catch up with demand
- Fed isn't taking a calendar-based approach to interest rates or monetary policy
- Prices are just adjusting back to normal and won't last that way for years and years
