U.S. inflationary pressures should ease in 2022 due to weaker demand for goods, easing supply bottlenecks and a receding coronavirus pandemic, the U.S. Treasury's top economist said on Monday.
In a statement released alongside the Treasury's quarterly borrowing estimates, Assistant Secretary for Economic Policy Ben Harris said he expects energy prices to stabilize in 2022, but geopolitical instability could push prices higher.
He also said that the pandemic continues to endanger the recovery of supply chains due to continued lockdowns in China and southeast Asia, which could keep goods prices elevated. "If these losses in labor supply are permanently lost due to the pandemic, then potential economic growth has been shifted lower," he said.
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