Powell's comments come as financial markets struggle to interpret the Fed’s recent moves
A new report predicts inflation won’t be as high in Canada as it is in the U.S.
The Federal Reserve may act sooner than planned to start dialing back low-interest rate policies
No one wants to relive the double-digit inflation of the 1970s, Yellen told the Senate Finance Committee on Wednesday
The reading compared with a year-over-year gain of 3.4% in April
The inflation spike is likely temporary, but a Fed hike could come sooner than previously expected
Escalating inflation has intensified pressure on the central bank
The U.S. saw inflation rise by 5% over the last 12 months, the biggest jump since 2008
Survey finds a variety of upside and downside risks on forecasters' radar
Sources of inflation will likely prove temporary as the economy reopens and finds its footing