Fed Chair Jerome Powell said in his post-Fed meeting press conference that inflation will run above the Fed's 2.0% goal well into next year. 

Additional Takeaways:

"Bottlenecks, supply constraints have been larger, longer-lasting than anticipated."

"Price increases are now broader."

"Wage growth thus far not a major contributor to elevated inflation."

"Expect inflation to decline closer to 2% by end of 2022."

"We continue to expect inflation closer to the 2% goal by end of next year."

"We understand high inflation is a hardship."

"We are committed to our price stability goal."

"We will use our tools to support labor market, and prevent higher inflation from becoming entrenched."

"We will watch carefully to see if economy moving in line with expectations."

"We think full employment will be met next year."

"Expect to leave rates at zero until reach maximum employment."

"Expect a gradual pace of policy firming."