Jerome Powell went before congress today to tell them everything is under control, no need to worry. Just disregard all those things going up in price, and ignore the housing market, pay no attention to the employment situation, because it's all transitory. JP says that despite the CPI rising every month over the past 6 months, reaching heights not seen for more than 30 years, it's all good. No policy change for now.

Well, Ernie breaks it down and says it like it is.

Semiannual Monetary Policy Report to the Congress

https://www.federalreserve.gov/newsevents/testimony/powell20210714a.htm