The Fed: High U.S. inflation to last awhile, Fed Bostic says, and it’s no longer ‘transitory’

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The biggest burst in U.S. inflation in three decades is likely to last longer than expected and no longer should be considered “transitory,” a senior Federal Reserve official said.

Atlanta Federal Reserve President Raphael Bostic on Tuesday said a sharp increase in prices in 2021 tied to the pandemic has broadened beyond just a handful of major goods such as autos and lumber and “will not be brief.”