Fed Chair Blames Supply Chain Issues for Inflation: ‘Supply-Side Constraints Have Gotten Worse’

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Federal Reserve Chairman Jerome Powell presented a bleak outlook for American economic woes on Friday, suggesting supply-chain problems were behind rising inflation.

“Supply-side constraints have gotten worse,” Powell said at a virtual conference hosted by Bloomberg. “The risks are clearly now to longer and more-persistent bottlenecks, and thus to higher inflation.”

As of August, the price of goods excluding food and energy had experienced a year-over-year increase of 3.6 percent. Worker shortages
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