WASHINGTON (AP) — Federal Reserve Chair Jerome Powell suggested Wednesday that inflation, which has been surging as the recovery strengthens, "will likely remain elevated in coming months" before "moderating."

At the same time, Powell signaled no imminent change in the Fed's ultra-low-interest rate policies.

In testimony before the House Financial Services Committee, Powell reiterated his long-held view that high inflation readings over the past several months have been driven largely by temporary factors, notably supply shortages and rising consumer demand as pandemic-related business restric...