Powell: "We're very well aware that people are experiencing higher gas prices

• Inflation, higher gas prices, and airfare hikes are expected to continue, especially if an 'Iran war' extends.
• Consumers will feel the impact of rising prices for petroleum-dependent goods and services.
• The U.S. economy is considered less vulnerable to energy price shocks compared to the 1970s or other regions like Europe and Asia.

Federal Reserve Chair Jerome Powell discusses ongoing inflationary pressures, specifically highlighting higher gas prices and airfare hikes. He warns these may continue if a potential 'Iran war' prolongs, impacting consumers through petroleum-dependent products and services. However, he notes the U.S. economy is less energy-intensive than in the 1970s and less exposed than Europe or Asia.