The U.S. central bank also upgraded its growth and inflation forecasts
The monthly result was the largest percentage gain since February 2020
David McKay predicts central banks will hike rates sometime next year
The treasury secretary pointed to low unemployment before the pandemic, which didn't lead to inflation
The wait-and-see message caused bond yields to jump
The consumer price index hasn't been above 1% in about a year
Despite the monthly increase, inflation remains tame
Some of the longer-term deflationary pressures are becoming less potent
Air transportation prices fell 14.5%
The increase was the largest in four months