The US Federal Open Market Committee said on Wednesday that the inflation in the country would not last for long, a statement which was smoothed over by Fed Chair Jerome Powell, who said that the central bank is willing to bend its policies in case inflation moves “materially and persistently beyond levels consistent with our goal”.

In a presser after the committee was adjourned, Powell added that gaining substantial progress remains “way off” due to banks being unable to reach their targets for over a decade due to inflation and unemployment rates being at 5.8%.

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Members of the committee pushed their growth projections by 0.5% now setting the estimate at 7%. However, the projections were humbled by Powell, who said that these numbers “do not represent a committee decision or plan”, reported AFP.

Powell credited the increase in consumer price index to a “perfect storm of strong demand and limited supply” for things like used cars. He added, “We do think it makes sense that that would stop and in fact, it would reverse over time”, reported AFP.

Continuing on the glass half empty outlook, Powell said that the recovery US has made so far is incomplete with the improvement being uneven across the country.

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In an attempt to provide steady liquidity rates for the country’s economy, the committee vowed to continue to purchase $120 billion worth in bonds.

Powell, on the other hand, stressed the fact that the committee is not focused on interest rates but has started discussions on when to phase out the practice of purchasing bonds, reported AFP.