The industry is enjoying some pricing power today, but it’s still largely catching up from last year’s weakness.
As the economy opens back up from the pandemic — which could happen this spring after a series of false starts — the mix could change and people might seek to replenish their work wardrobes. But they’ll be doing that just as policymakers try to cool things down.
But by and large, Powell said inflation is expected to decline over 2022 — a move that will likely be supported by higher interest rates. “Of course, the economic outlook remains highly uncertain,” Powell said. “Making appropriate monetary policy in this environment requires humility, recognizing that the economy evolves in unexpected ways. We’ll need to be nimble so that we can respond to the full range of plausible outcomes. With this in mind, we will remain attentive to risks, including the risk that high inflation is more persistent than expected.
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