Atlanta is posting faster price increases than any other major metropolitan area in the country.
The central bank's dilemma is whether the supply squeeze represents a great inflationary threat.
Measures of inflation are at 30-year highs, he said.
Economists expect two quarter-point interest rate increases before the end of 2023, according to a Bloomberg survey.
Nearly two-thirds of surveyed economists predicted a near-term rally in stocks if Powell is renominated.
Consumers are putting off some leisure spending and businesses are delaying a return to normal operations.
Fed Bank of Kansas City President Esther George said the economy continues to grow strongly amid the pandemic.
Fed Atlanta President Raphael Bostic said he's looking at the employment-to-population ratio as a marker.
Seventy-six percent of the smallest U.S. businesses suffered a decline in revenue over 12 months.
His timetable is considerably faster than has been suggested by other Fed officials.
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