Powell’s benign view on inflation is getting pushback at the Fed, and elsewhere

Federal Reserve Chairman Jerome Powell’s conviction that the inflation winds whipping through the U.S. economy this year soon will subside is not universally shared.

In fact, a growing contingent within the Fed’s virtual halls is raising concern that the supply chain disruptions, burgeoning demand and shortages of labor and supplies could push the current trend well into 2022 and beyond.

Patrick Harker, the president of the Philadelphia Fed, said as much Friday in a CNBC interview that aired just before Powell gave his pivotal Jackson Hole symposium speech.

The Fed not...