Fed Chair Jerome Powell, speaking at the Senate hearing for his renomination, said on Tuesday that inflationary pressures are set to remain elevated well into 2022. 

Additional Remarks:

"If it does, our policy will continue to adapt."

"If inflation lasts longer, that would require a policy response."

"If inflation will last longer that would imply more risk of becoming entrenched, our policy will respond."

"This year I expect fed will raise interest rates, end asset purchases and perhaps later this year beginning to allow the balance sheet to shrink."

"We have to be humble and nimble."

"The Fed has not made any decisions on timing for any of normalization process."

"Will have to be open to changing environment, monetary policy will have to adapt."

"Monetary policy will have to adapt as we learn more about inflation."