As is characteristic of every Fed Chairman, Powell is a liar and a deceiver.
He is playing the stupid card in saying that he doesn't know when inflation will subside. Yet he knows that it will never decrease as long as The Federal Reserve keeps flooding the economy with more and more worthless debt money. Every Federal Reserve Note (created out of thin air, backed by nothing) in circulation reduces the value of the existing notes in circulation. This has the effect of driving prices higher. Thus, the inflation ("high prices" we saw last year were the result of the trillions of FRN's in COVID relief notes dumped into bank accounts. The inflation we see this year is the result of that policy, plus the runaway spending that began with the new Administration and Congress.
Bookmark this post and remind yourself to look back on it next year, for I guaranty this is going to happen:
The Inflation "Reduction" Act is going to result in prices almost doubling by this time next year. Then the Administration and Congress will pass more spending bills to "help hurting Americans", but the spending have the opposite effect, as it always does. In the meantime, the Fed will keep acting stupid ("We underestimated the rate of inflation." and keep raising interest rates, while Congress will incrementally raise taxes to "pay for" the handouts. These acts will transfer trillions of dollars per year from the wealth of The People and transfer them to the owners of the Fed. To insure that this confiscation is not impeded, the IRS is doubling its force of lethal, gun-carrying collection agents.
WAKE-UP FELLOW AMERICANS!!!!!!!!!!!!