EXCERPT:
POWELL: "Yeah, I just would say it's clearly both factors are principally at work here. You couldn't get this kind of high inflation without strong demand and you certainly couldn't get it without the kind of supply issues that we've had, both in the labor market reflected in high wages and then in the goods market reflected in what's happened with -- with durable goods. And -- and cars in particular, you look there. There's -- it's been driven by semiconductor shortage."