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Journal Article
President's Message: How Long Will Higher Inflation Last?
For the first time in more than a generation, we are grappling with high, broad-based, and persistent inflation.The pandemic and events like Russia's invasion of Ukraine unleashed shocks that affected supply chains and labor markets, pushing prices and wages up. In response to the pandemic, $6 trillion of fiscal stimulus was enacted, fueling demand and limiting labor supply. And some have argued the Fed's pandemic response was too expansionary for too long — that we were caught off guard after the prior decade of stubbornly low inflation.