Fed Chair Powell (Q&A) notes energy price impact on the US is less than in Europe or Asia
- If the situation goes on for longer, US will see it much more
- Notes people are seeing high gas prices, and those might continue
- Airline fares and other services depending on petroleum are going to start to see that
Context
Fed Chair Powell's remarks suggest that while energy prices are having a significant impact, the immediate effects on the U.S. economy are less severe compared to Europe or Asia. However, he cautions that sustained high energy prices could lead to rising costs in travel and services, which may have implications for inflation and Fed policy adjustments down the line.
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