Fed Chair Powell says it's 'very, very unlikely' the U.S. will see 1970s-style inflation - CNBC

"They don't speak to a broadly tight economy and to the kinds of things that have led to higher inflation over time," he told the House Select Subcommittee on the Coronavirus Crisis.

Headline price inflation was up 5% year over year in May, the highest in nearly 13 years amid a jump in used car prices and a slew of other goods that have seen surging demand as restrictions have loosened.

"You have a central bank that's committed to price stability and has defined what price stability is and is strongly prepared to use its tools to keep us around 2% inflation," he said.

But Republicans on the panel pushed back on the inflation narrative, largely blaming the economic policies of the Biden administration for leading to upward pressures and the possibility the Fed may have to raise interest rates.

Maloney of New York said she was more worried about the Fed reacting hastily to inflation pressures she agreed wouldn't last.

"I've never really been worried about inflation, but I want to keep an eye on that and I want you to keep us informed on what is happening in our economy," Waters told Powell