Companies told the Federal Reserve that supply chain bottlenecks and worker retention rates are among concerns about inflation issues, as price increases were reported in the economy.
Businesses heard a plethora of reasons for the shortage, including no childcare, retirements, and concerns regarding COVID, according to the report. Federal Reserve Chairman Jerome Powell also said the central bank is ready to pull back easy-money policies the reserve used to aid the economy over the past 20 months.A container ship is docked at the Port of Long Beach in Long Beach in Calif., Oct. 1, 2021. Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported.The Fed had been buying $120 billion in Treasury bonds and mortgage-backed securities since the spring of 2020.
Both the ending of the bond purchases and the start of interest rate hikes would be expected to raise borrowing costs for consumers and businesses as a way to slow the economy and fight inflationary pressures., largely because the pandemic has limited supplies at a time when the re-opening of the economy has led to high demand.
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