Fed is watching energy price spikes, but Powell says bank is limited in what it can do
CAMBRIDGE, Mass. (AP) — Federal Reserve Chair Jerome Powell said Monday that it is important to closely monitor inflation amid a spike in energy prices from the Iran war. Powell, who spoke before nearly 400 students at Harvard University as gas prices inched toward an average of $4 per gallon in the U.S., said there wasn’t a lot Fed policymakers could do since energy shocks “tend to come and go pretty quickly” and monetary maneuvers work over the longer-term. But a series of energy shocks, nevertheless, could be concerning. “You have to carefully monitor inflation ...