Powell, Yellen Weigh in on State of Economy

The transcript discusses the potential for interest rates to rise from historically low levels due to economic conditions. It highlights ongoing economic challenges, particularly for small businesses, and anticipates upward pressure on prices. The risk of persistent inflation above target levels is addressed, with a commitment to using available tools to manage inflation back to a 2% goal.

What factors are contributing to the expectation of upward pressure on prices?

How are small businesses currently affected by the economy according to the text?

What would be the consequence of substantially higher inflation?

What tools would be used to address persistent inflation above the goal?

What is the goal for inflation mentioned in the text?