"both Europe and the United States have recently released new monetary policy frameworks, in part because of changes in inflation dynamics over the past 20 years," Cleveland Fed President Loretta Mester said.
"it's important to really understand whether inflation is happening again after the pandemic," Mester said in a brief opening speech for a virtual event hosted by the Cleveland Fed.
"as parts of the economy reopen, we are experiencing supply disruptions, pushing up prices and reigniting inflation concerns. The real question is whether this price rise will lead to a sustained rise in inflation.
Note: Mester did not comment on policy or economic prospects.
Note: Mester does not have the right to vote on the Federal Open Market Committee this year.