Fed Sees Pickup in Inflation, Labour Market Gains as Reopening Underway

• The U.S. economic recovery remains on track supported by stronger consumer spending amid a pickup in the labour market and inflation that is expected to pick up pace as the economy reopens, according to the Fed’s Beige Book released Wednesday.
• The central bank’s Beige Book economic report, based on anecdotal information collected by the Fed’s 12 reserve banks through April 5, showed the U.S. economy continued to recovery at a modest pace and consumer spending strengthened amid easing pandemic restrictions. 
• Inflation, meanwhile, appears to be on the move, driven by input costs that will likely continue to push up prices in the near term.
• Federal Reserve Chairman Jay Powell continued to downplay the prospect of sustained inflation pressures and continued to suggest there was a still a ways to go until the economy is back at pre-pandemic levels.

(Source: Investing.com)