reserve bank of philadelphia ’ s website at https : / / www. philadelphiafed. org / surveys - and - data / real - time - data - research / survey - of - professionalforecasters. - 5led to sharply rising goods prices ( figure 4 ). the most notable example here is motor vehicles. prices soared across the vehicles sector as booming demand was met by a sharp decline in global production during the summer of 2021, owing to shortages of computer chips. production remains below pre - pandemic levels, and an expected sharp decline in prices has been repeatedly postponed. many forecasters, including fomc participants, had been expecting inflation to cool in the second half of last year, as the economy started going back to normal after vaccines became widely available. 3 expectations were that the supply - side damage would begin to heal. schools would reopen — freeing parents to return to work — and labor supply would begin bouncing back, kinks in supply chains would begin resolving, and consumption would start rotating back to services, all of which could reduce price pressures. while schools are open, none of the other expectations has been fully met. part of the reason may be that, contrary to expectations, covid has not gone away with the arrival of vaccines. in fact, we are now headed once again into more covid - related supply disruptions from china. it continues to seem likely that hoped - for supply - side healing will come over time as the world ultimately settles into some new normal, but the timing and scope of that relief are highly uncertain. in the meantime, as we set policy, we will be looking to actual progress on these issues and not assuming significant nearterm supply - side relief. the policy response as the magnitude and persistence of the increase in inflation became increasingly clear over the second half of last year, and as the job market recovery accelerated beyond see the minutes of the june 2021 fomc meeting, which are available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / fomccalendars. htm. - 6expectations, the fomc pivoted to progressively less accommodative monetary policy. in june, the median fomc participant projected that the federal funds rate would remain at its effective lower bound through the end of 2022, and as the news came in, the projected policy paths shifted higher ( figure 5 ). the

as under current law, the insured bank would have to be the survivor of the merger. 9. a. restore board's authority to determine that new activities are " closely related to banking " and permissible for all bank holding companies ( matrix no. 137a ) amendment would restore the board's ability to determine that nonbanking activities are " closely related to banking " under section 4 ( c ) ( 8 ) of the bhc act and, thus, permissible for all bank holding companies, including those that have not elected to become financial holding companies. bank holding companies would still be required to become a financial holding company to engage in the types of expanded activities authorized by the glb act - including full - scope securities underwriting, insurance underwriting, and merchant banking activities - - as well as any new activities that the board determines under the glb act are " financial in nature, " " incidental to a financial activity " or " complementary to a financial activity. " b. allow bank holding companies to engage in insurance agency activities ( alternative to item 9. a. ) ( matrix no. 137b ) alternative amendment would allow all bank holding companies, including those that have not elected to become financial holding companies, to act as agent in the sale of insurance. currently, bank holding companies that do not become a financial holding company may engage only in very limited insurance sales activities ( primarily involving credit - related insurance ). however, most banks are permitted to sell any type of insurance, either directly or through a subsidiary. the amendment would rectify this imbalance by permitting all bank holding companies to act as agent in the sale of insurance. insurance agency activities involve less risk than insurance underwriting and other principal activities. bank holding companies would continue to be required to become a financial holding company to underwrite insurance ( other than credit - related insurance ). 10. shorten the post - approval waiting period for bank mergers and acquisitions where the relevant banking agency and the attorney general agree the transaction will not have adverse competitive effects ( matrix no. 6 ) amendment allows the responsible federal banking agency, with the concurrence of the attorney general, to reduce the post - approval waiting periods under the bank merger act and bhc act from fifteen days to as few as five days. the amendment would not alter the time period that a private party has to challenge a banking agency's approval of a transaction for reasons related to the community reinvestment act. 11. repeal certain