President of the Federal Reserve Bank of St. Louis James Bullard spoke at the Official Monetary and Financial Institutions Forum on Wednesday, saying that he expects inflation to remain high and above 2% through 2022. He added that the Fed is aware that the inflation process "can get out of control".
Bullard described the United States to be going through a "big economic boom", which means the Fed will allow higher inflation than normal. He also noted that the 2021 GDP estimates could be raised from 6.5% to higher figures, but the change would be highly dependent on more inflation data coming in.
As far as employment goes, Bullard said the expectation of a million new jobs per month has been "hyped up", the more realistic number is 500,000 a month. The labor market is actually tighter than is being represented and it won't go back to 2019 levels as many retirees have done well on equities and housing during the pandemic.