According to the Economic Brown Book released by the Federal Reserve, US economic growth slowed down this autumn as companies faced supply chain disruptions and rising raw material and shipping costs, resulting in "significant price increases". At the same time, Federal Reserve Governor Quarles stated that he is closely monitoring whether rising demand will keep prices high even after supply chain issues have eased. Quarles warned that high inflation continuing until next spring may force the Federal Reserve to consider raising interest rates early.

Transportation issues and wage increases have led to price increases. A furniture seller in the Boston area has raised prices by more than 30% since February this year. The manufacturer there said, "Their raw material prices have increased by 10% to 30%. Most people say they have raised their prices as a result. The Brown Book states that in the New York area, the number of retailers indicating price increases has reached a new high in recent years. In most industries, a considerable proportion of contacts plan to raise prices in the coming months

Federal Reserve officials have stated that they expect inflationary pressures to dissipate next year. But they said they are willing to take action to tighten monetary policy if they see signs of sustained price increases.

On Wednesday, Federal Reserve Governor Charles Quarles stated that he still expects the rise in oil prices next year to ease as supply chain bottlenecks subside. Quarles said that if the Federal Reserve raises interest rates to cope with the recent price surge caused by the reopening of the economy, it may curb demand while easing supply bottlenecks. This may lead to unpopular low inflation and employment levels.

Quarles stated that the danger faced by the Federal Reserve is that longer lasting supply chain bottlenecks may lead to consumers and businesses expecting future inflation to rise, which may force the Federal Reserve to respond by raising interest rates. He pointed out that further stimulus from the Biden administration may boost demand, thereby putting pressure on prices.