Associated Press
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. 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 he suggested that the Fed would need to see both a near-full recovery in the job market and a sustained rise in inflation above its target level before considering a rate hike.