Powell: Higher inflation temporary, no rate hikes in sight


Federal Reserve Chair Jerome Powell suggested Thursday that inflation will pick up in the coming months but that it would likely prove temporary and not enough for the Fed to alter its record-low interest rate policies.

His message of wait-and-see patience caused bond yields to jump and stocks to fall further, signaling that investors foresee stronger growth and higher inflation on the horizon. The yield on the 10-year Treasury note had jumped from below 1% at the end of last year to roughly 1.4% Wednesday — and then surged above 1.5% during Powell’s remarks.

Stock investors, too, dumped shares in the midst of Powell’s remarks, in which

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