Federal Reserve Chairman Jerome Powell has indeed indicated that inflation has been higher than anticipated. While the initial expectation was for inflation to be transitory due to supply chain bottlenecks and post-pandemic economic adjustments, the rate has continued to rise beyond anticipated levels. However, Powell also stated that despite the higher inflation, the Federal Reserve would continue its current policy of holding interest rates steady. This decision is based on the belief that raising interest rates now might prematurely slow down the economic recovery. Instead, the Fed will continue monitoring the situation to determine appropriate actions needed in the future.