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Fed set to look beyond possible post-pandemic inflation shock Between the closed theaters and restaurants, the prices slashed by airlines and half-empty hotels, and the government benefits paid or in the pipeline, Americans may have as much as $2 trillion in extra cash socked away by this spring. For the Federal Reserve, that is both blessing and curse: fuel for the economic recovery once coronavirus vaccines take hold and people can travel and shop freely, but also the possible spark for a surge in prices that policymakers already are bracing to explain. Fed policymakers have little doubt that costs for many goods and services will jump this year, a bitter pill for consumers if gasoline, travel and other prices start to rebound from sharp declines last year. But, Fed officials argue, that’s part of getting back to normal, not the start of a more persistent inflation problem.

United statesEthan harrisJerome powellJason thomasPaul simaoRandall krosznerDan burnsJoe bidenHoward schneiderRichard claridaLael brainardBrookings institution hutchins center on fiscalMonetary policyUniversity of chicago booth school businessPrinceton universityFederal reserve