Listen to what Larry Summers says 34 minutes out in this video:
Powell said that inflation expectations are firmly anchored around 2 percent in the long run. There is a wage Phillips curve, but not a traditional price (inflation) Phillps curve that has been broken for years. There may by temporary inflation above 2 percent. Transitory inflation above 2 % is no reason for rasing the fed funds rate.
Former US Treasury Secretary Larry Summers tells Fareed why he believes the current inflation spike is more than a temporary blip. For many people inflation is a test of whether the country is under control.