Many of you know the details of the disagreement between Treasury and the Federal Reserve over what that supervisory framework and permissible structure should look like. Rather than restating those details, let me simply express the hope that the efforts of the regulators and Congress will ultimately be successful – in this millennium – in moving the bill to passage.
At the same time, the pandemic disrupted the production and delivery of many items. This has caused the prices of many globally traded goods to rise sharply. The second is that price increases have seeped into an increasingly wide array of goods, including everyday items like food and energy.