Lael Brainard reiterated the Federal Open Market Committee’s belief that recent high inflation figures are a temporary phenomenon, in remarks on July 30.

The Fed governor’s comments to the Aspen Economic Strategy Group follow the publication of the June figure for personal consumption expenditures inflation, which matches May’s figure at 4%.

PCE inflation is the Fed’s target measure for monetary policy. Consumer price index inflation, another commonly used measure of inflation, reached 5.4% in