Powell’s Dashboard Casts Doubt on Inflation Easing Quickly

Federal Reserve Chairman Jerome Powell used the bulk of a widely anticipated speech in late August to explain why he was still confident that this year’s inflation surge would prove temporary. His remarks haven’t aged well.

Economic data released over the past two months have cast doubt on parts of Mr. Powell’s thesis, which helps to explain why he has acknowledged less conviction that inflation will quickly return to the Fed’s 2% goal as supply-chain kinks work themselves out.