This particular inflation unique in history: Federal Reserve's Powell

Consumer prices soared in June by the most since 2008

For a second day, Federal Reserve Chairman Jerome Powell defended the central bank’s stance to keep providing support to the US economy even as inflation runs at uncomfortable levels. “This is a shock going through the system associated with the reopening of the economy and it’s driven inflation well above 2 per cent, and of course we’re not comfortable with that,” Powell told the Senate Banking Committee Thursday.
 

The Fed chair called the price developments “unique” in history and said the central bank is closely watching to see whether its expectation that the high inflation will prove temporary is correct,